The announcement of a successful bid for Voyager’s assets by FTX US’s parent company follows two weeks in a “highly competitive” auction process

FTX US’s parent West Realm Shires has scooped up bankrupt lender Voyager’s crypto assets valued at roughly $1.4 billion in an auction bid. Some $1.31 billion of the bid’s value is taken at the current market rate with the option to be priced at a future date. The owner and operator of FTX US have scooped up assets belonging to bankrupt crypto lender Voyager Digital at an auction estimated to be worth more than $1.4 billion.

According to a statement on Monday, FTX US’s parent company West Realm Shires’ bid is valued at $1.422 billion. That’s comprised of fair market value for all of Voyager’s crypto, which is expected to be priced at a future date. Current market prices peg that amount at roughly $1.31 billion. A further $111 million of incremental value will also be taken under additional consideration. Its assets will become available once Voyager has concluded its Chapter 11 bankruptcy proceedings.

“Voyager received multiple bids contemplating sale and reorganization alternatives, held an auction, and based on the auction results, has determined that the sale transaction with FTX is the best alternative for Voyager stakeholders,” the company said in its statement. The statement reads that Voyager claims against defunct hedge fund Three Arrows Capital will remain with the bankruptcy estate, which may be distributed to the estate’s creditors should a recovery be made.

Citing sources familiar with the matter, former Wall Street Journal reporter Liz Hoffman tweeted the purchase price for FTX’s deal was roughly $50 million. Hoffman also said the deal could cost FTX double that amount if assets under management and other milestone targets were reached. The auction, which became known to the public at the beginning of this month, took place on Sept. 13. The agreement between Voyager and FTX US will be presented for approval to the US Bankruptcy Court for the Southern District of New York on Oct. 19.

Source: Blockworks.co