Lloyds Banking Group, one of the leading financial institutions in the United Kingdom, has officially signed an agreement to acquire the digital wallet platform Curve. The transaction amount is approximately £120 million, equivalent to about $155 million.
This is reported by Finway
Management and Investor Position of Curve
Curve’s management has already informed investors about the completion of the deal. In a special letter to shareholders, the company emphasized that it acknowledges the discrepancy between the sale price and initial expectations. At the same time, the board of directors stressed the appropriateness of this deal for the company’s further development and the protection of creditors’ and shareholders’ interests.
“We understand that the value of this deal does not align with the ambitions we all had for Curve, and we share the disappointment of some of you regarding this outcome.”
Criticism from IDC Ventures and Next Steps
The venture firm IDC Ventures, which owns 12% of Curve’s shares and is the largest external shareholder, has openly expressed disagreement with the decision to sell. Representatives of IDC Ventures stated that they did not agree to the signing of the deal and criticized the management’s actions during the preparation of the transaction.
To protect its interests, IDC Ventures has engaged the law firm Quinn Emanuel. The firm emphasized the need for a transparent and responsible approach from the board of directors and potential buyers, warning of their readiness to employ all necessary legal measures to protect shareholders’ rights in case these requirements are not met.