Circle abandons Spac deal with Concord

Cryptocurrency firm Circle Internet Financial said on Monday that its planned acquisition by special purpose acquisition vehicle Concord Acquisition Corp has been terminated by mutual agreement.

The deal was initially announced in July 2021 and the terms amended in February.

Jeremy Allaire, co-founder and chief executive of Circle, said: "Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team.

"We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important."

Circle said it continues to build on its success and became profitable in the third quarter of the year, with total revenue and reserve interest income of $274m and net income of $43m.