MoonPay signs agreement to acquire North Capital for $8.7B

MoonPay has signed a definitive agreement to acquire North Capital Investment Technology, which would integrate a private-securities trading venue into MoonPay's operations if completed. The agreement was announced on Sept. 23, with both boards approving it, but regulatory approvals and other closing conditions remain. Currently, there are no changes for MoonPay customers regarding access to private-securities trading, and no details on launch dates or eligibility have been provided. North Capital offers technology and regulated services for private securities issuers and investors, including investor onboarding and transaction processing. Its subsidiary, North Capital Private Securities Corporation, operates PPEX, an alternative trading system for eligible securities. The acquisition would enhance MoonPay's infrastructure for transferring funds between traditional and digital assets. However, no customer-facing securities product has been described yet. The deal stipulates that North Capital will become a wholly owned subsidiary of MoonPay upon completion, but the purchase price and closing date have not been disclosed. Regulatory clearance and merger completion are the immediate milestones, with no assurance on timing. Even after closing, further announcements will be needed to clarify the securities offered and the terms of access for customers.

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