Australia's Fatfish Blockchain Ltd. expects to soon close a merger of its venture builder subsidiary with Swedish private equity group Abelco Investment Group AB (publ) following securing approval from its shareholders.
Under the deal, Fatfish Blockchain will transfer its 81% stake in unit Fatfish Global Ventures AB to Abelco Investment. In return, the Australian company will receive A$12.7 million worth of Abelco Investment shares, or a 50.1% stake in the company's enlarged share capital.
Fatfish Blockchain said Abelco Investment's binding offer for Fatfish Global Ventures became unconditional after the shareholder approval.
In addition, Fatfish Blockchain CEO Kin Wai Lau and Chairman Larry Gan were appointed as directors on Abelco Invetsment's board. Former Fatfish Global Ventures CEO Johan Rooth was appointed CEO of the Swedish private equity group.