Special-purpose acquisition corporation 10X Capital Venture Acquisition Corp. II VCXA, +0.51% has reached an agreement to merge with Prime Blockchain Inc., an infrastructure provider for blockchain technology, in a deal with an estimated enterprise value of about $1.25 billion. The combined company will be headed by ex-Goldman Sachs investment banker Gaurav Budhrani and will list on the Nasdaq. The company has secured a $300 million committed equity financing facility from Cantor Fitzgerald unit CF Principal Investments LLC, the companies said in a joint statement. Prime Blockchain has a portfolio of proprietary data centers and crypto asset mining operations in North America. The company was founded by Web 3 entrepreneurs Chandler Song and Ryan Fang, who have been involved in crypto projects including Ankr, while Budhrani has served clients including Coinbase COIN, -1.53% and IonQ IONQ, +1.88%. The company had revenue of $24.4 million in the fourth quarter and has more than 110 megawatts of installed data center capacity across 12 facilities. The deal is expected to close in the second half.
