Express
UBS Call Off $1.4 Billion Deal to Buy Wealthfront
Summary: According to The Block, UBS called off a $1.4 billion deal to buy robo-advisory firm Wealthfront. UBS said the two companies mutually agreed to terminate their merger agreement, which they announced in January. "UBS remains committed to its growth plans in the U.S. and will continue the build-out of its digital wealth management offering,” UBS ...
According to The Block, UBS called off a $1.4 billion deal to buy robo-advisory firm Wealthfront. UBS said the two companies mutually agreed to terminate their merger agreement, which they announced in January. "UBS remains committed to its growth plans in the U.S. and will continue the build-out of its digital wealth management offering,” UBS said in a statement.
“We're incredibly excited about Wealthfront’s path forward as an independent company and are proud to share that thanks to the hard work of our team and the trust you put in us, we will be cash flow positive and EBITDA profitable in the next few months,” Wealthfront said on Twitter. Wealthfront began offering exposure to Grayscale’s bitcoin and ether-tied investment trusts last year.
By Amy Liu
