Reported Coindesk, Alameda Research, the investment arm of FTX, has agreed to sell its stake in Sequoia Capital for $45 million to Abu Dhabi sovereign wealth fund Al Nawwar Investments, according to court documents filed on Wednesday.
The deal is part of FTX's efforts to sell off its investments in early-stage crypto and tech ventures to repay creditors, as the company filed for bankruptcy in November. The deal is subject to approval by Delaware bankruptcy judge John Dorsey, and could close as early as March 31.
FTX received interest from four parties and negotiated with two for the sale of assets in the Sequoia Capital Fund, but ultimately decided to go with Al Nawwar Investments due to their superior offer and ability to execute the sale quickly. The buyer is already an investor in Sequoia, and is ultimately owned by the government of Abu Dhabi.
FTX group filed for bankruptcy in November, and Dorsey granted permission in January for some of FTX’s more easily separable assets to be offered for sale. Those included derivative arm LedgerX, stock-clearing platform Embed, and Japanese and European units.
TokenInsight is dedicated to covering the most valuable news in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
FTX
Alameda Research
