Blue Star Capital initiates process for potential sale of SatoshiPay stake
( ) , a holding company with a focus on new technologies in payments, media and gaming, issued an update on its 27.9%-owned investee company SatoshiPay.
In its half-year report in June, Blue Star announced that blockchain and payments service SatoshiPay had retained Benchmark International, an M&A advisory company, to produce an information memorandum in respect to procuring an accurate valuation for SatoshiPay and potential expressions of interest for its acquisition.
Today, Blue Star announced that Benchmark has started to approach investors to establish potential interest in SatoshiPay. Blue Star emphasised that there is no guarantee the process will lead to an acceptable offer, and there is no obligation on Blue Star or SatoshiPay to accept any offer.
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A positive update from SatoshiPay as Blue Star embarks on the process of establishing SatoshiPay's valuation and assessing potential offers for the blockchain and payments service. As of March 2023, Blue Star has invested approximately £1.9m in SatoshiPay, which represents a shareholding of 27.9% of the former's issued share capital, worth £4.3m based on the last external fund raise in 2019.
Blue Star believes that SatoshiPay's valuation has increased materially since that last fund raise. On the back of this progress, Blue Star believes SatoshiPay would benefit from an investor "better equipped both financially and strategically to support SatoshiPay's aggressive growth plans". Therefore, Blue Star has initiated the process of selling its interest in SatoshiPay, expected to result in a considerable ROI. As a result, markets reacted well to the news, sendingshares 7.7% higher on Wednesday.
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