Tron founder acquired BitTorrent, Variety reported in June, 11. Last week, the acquisition closed and employees have been notified of the deal.
TRON Founder Acquired BitTorrent
File-sharing company BitTorrent was sold to blockchain entrepreneurs and developer of the TRON platform, Justin Sun.
The acquisition was completed last week, and the BitTorrent management informed employees about the deal. According to a source aware of the deal, the company’s employees were advised not to disclose any information. Variety reported that a transfer agent, who was hired to conduct the transaction, has contacted BitTorrent shareholders. No financial data on the acquisition was available at the time of writing.
Previous Information About Aquisition
Last month it became known that BitTorrent is in the process of acquisition by TRON founder. Sun entered into negotiations with BitTorrent in September last year and signed a letter of intent to purchase in January. The deal was suspended, as BitTorrent began negotiations with additional bidders, which violated the agreement. Sun had to file for a temporary restraining order, stating that BitTorrent agreed to not accept any other offers.
However, Sun agreed to withdraw the suit. He registered Rainberry Acquisition Inc. company. At the beginning of last year BitTorrent Inc. changed its name to Rainberry Inc. Last week Rainberry Acquisition Inc. contacted the California State Secretariat to register changes related to the acquisition of the company. Rainberry Inc. issued a merger notice on the same day.
Neither Justin Sun nor the company representatives provide comments. The BitTorrent file sharing service, which closed its business last year, was developed by Bram Cohen. According to reports, Cohen left the company and now working as CEO in Chia startup company, based in San Francisco, not related to TRON.
Currently TRON (TRX) is trading at $0.047 with a total market capitalization over $3.1 bln.