Overview
- The deal uses a reverse triangular merger in which an IBG subsidiary will merge into BlockFuel, leaving BlockFuel as the surviving entity and a wholly owned subsidiary.
- Upon closing, BlockFuel owners are expected to hold about 90% of shares while IBG shareholders hold roughly 10%, implying $22 million to $34.3 million for IBG holders based on the $220 million to $343 million fairness range.
- The companies target a fourth-quarter 2025 closing subject to customary conditions and listing approvals, with the combined company expected to trade on Nasdaq under the ticker FUEL.
- Leadership will shift to BlockFuel’s Daniel Lanskey as chairman and CEO, while IBG’s Sahil Beri will become president of a new beverage subsidiary.
- IBG shares rose about 29.5% on the announcement.