Circle, a global financial technology firm that provides payments and treasury infrastructure for internet businesses, has entered into a definitive business combination agreement with Concord Acquisition Corp, a publicly traded special purpose acquisition company. Under the terms of the agreement, a new Irish holding company (the “Company”) will acquire both Concord and Circle and become a publicly-traded company, expected to trade on the NYSE under the symbol “CRCL”.

The transaction values Circle at an enterprise value of $4.5 billion.

In conjunction with the transaction, investors have committed $415 million in PIPE financing, which when combined with cash in trust and Circle’s recently closed convertible note financing will provide Circle with over $1.1 billion in gross proceeds upon the close of the transaction.

The PIPE was supported by leading institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC and Third Point.

Circle’s co-founder, Jeremy Allaire, will remain CEO of the company. Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital will join the board.

Upon consummation of the transaction, existing Circle shareholders will maintain approximately 86% ownership interest in the combined company. Proceeds of the transaction will support Circle’s continued growth through ongoing product development in close collaboration with its initial customers.

The transaction, which has been unanimously approved by the board of directors of both Concord Acquisition Corp and Circle, and is expected to close in the fourth quarter of 2021.