By Michael Dabaie
Special purpose acquisition company FinTech Acquisition Corp. V and social investing network eToro Group Ltd have agreed to terminate their merger deal.
The proposed merger, first unveiled in March 2021, was conditioned on the satisfaction of closing conditions.
"Despite the parties' best efforts, such conditions were not satisfied within such time frame and the parties were unable to complete the transaction by the June 30, 2022 deadline," eToro said.
Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the merger.
"While this may not be the outcome that we hoped for when we started this process, eToro's underlying business remains healthy, our balance sheet is strong and will continue to balance future growth with profitability," eToro Chief Executive Yoni Assia said.
Write to Michael Dabaie at michael.dabaie@wsj.com
$(END)$ Dow Jones Newswires
July 05, 2022 08:28 ET (12:28 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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