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Bitcoin Group Agrees to Buy German Bank Bankhaus von der Heydt for More Than $15M
The transaction is expected to be completed by the third quarter of 2023.
Bitcoin Group (ADE), a holding company focusing on the blockchain and cryptocurrency industries, said it agreed to buy all of Germany’s Bankhaus von der Heydt for 14 million euros (US$15 million) in cash and 150,000 shares.
- The acquisition will give the company control of the one of the world's oldest banks and a holder of a full banking license in Germany.
- The transaction is expected to be completed by third-quarter 2023.
- Bankhaus von der Heydt, or BVDH, is based in Munich and was established in 1754.
- Bitcoin Group said in October it was acquisition talks with several potential targets, including Bankhaus von der Heydt.
- Shares in Bitcoin Group rose 0.6% to 20.22 euros in Germany.
UPDATE (Dec. 12, 15:54 UTC): Adds share component of purchase price, history of target, earlier statement.
STORY CONTINUES BELOW
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Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
