Valereum Blockchain today announced that it has signed an agreement to acquire Juno Group of Companies (Juno). The company aims to expand its global presence through the recent acquisition.
Valereum Blockchain will pay £850,000 for the acquisition. Approximately £500,000 will be paid in cash. The remaining amount (£350,000) will be paid in Valereum shares at the prevailing share price on the one-year anniversary of completion.
Once the deal is completed, Alan Gravett, a Director of Valereum, will become the Chairman of Juno. The completion of the acquisition is subject to the approval of the Gibraltar Financial Services Commission.
Richard Poulden, the Chairman of Valereum, said: “This acquisition is an important part of building the Valereum Bridge to provide a fully regulated link between the fiat and crypto worlds and complements the Company’s efforts with respect to the Gibraltar Stock Exchange. The planned shortening of our name in January 2022 to Valereum Plc reflects the continued broadening of Valereum’s activities and the global vision of its management.”
Valereum outlined that at the upcoming Extraordinary General Meeting of shareholders on 20 January 2022, a resolution will be proposed to change the name of the company from Valereum Blockchain Plc to Valereum Plc. According to the company’s directors, the new name will represent its expanded business activities.
Alan Gravett
In the announcement, Valereum mentioned that Alan Gravett, who will become the Chairman of Juno upon the deal’s completion, has a strong history of company management in Gibraltar.
Russell Johnston, a majority shareholder and the outgoing Chairman of Juno, commented: “The excellence of Juno’s staff and the global reach of its fund and fiduciary client base made it a compelling fit for Valereum’s growth plans. In agreeing to this acquisition, Juno has ensured that its clients and employees alike will benefit from being part of a large, growing, and ambitious financial services group.”
