After a lot of legal battles, Justin Sun – the CEO of Tron, has finally been able to acquire BitTorrent. First reported on the 25th of May on TorrentFreak, the publication contains details of how the CEO of Tron had pursued the firm with discussions that dated as far as September 2017.
The Breach of Agreement
After the discussions, BitTorrent and Justin Sun came to an agreement and signed on a letter of intent to buy BitTorrent in January of this year. Nevertheless, BitTorrent started holding meetings and conversations with other bidders, holding the deal back for a brief moment while Tron’s CEO took the company to court and sued them with a temporary restraining order.
Nevertheless, he dismissed the lawsuit he filed against BitTorrent and went ahead to register Rainberry Acquisition. Considering the fact that the firm had already renamed their company to Rainberry Incorporation early 2017, a lot of publications pointed to the now apparent conclusion that the move of Sun was in line with buying the company.
Also, there are speculations that the company of Justin Sun – Rainberry Acquisition, had merged with the Rainberry Incorporation of BitTorrent after it was suggested by California Secretary of State that they both file a merger.
Keeping Things Under the Radar
Presently, there’s no representative from both firms that has made any announcement or said anything regarding the merger. Also, some of the shareholders of BitTorrent have been informed about the deal via the transfer agent that is handling the deal.
The Valuation of the Deal
Although the deal has not been evaluated at the moment, it is pretty obvious that the CEO of Tron can afford to buy BitTorrent considering the fact that firm has been having some issues and the Tron Foundation is worth more than $1 billion in TRX holdings. On the other hand, the firm will have a huge side relief after as a result of their corporate history of bad deals.