Victory Park Capital, based in Chicago, agreed to acquire Bakkt through the formation of a special-purpose acquisition company, according to a Monday news release. Bakkt shares will be listed on the New York Stock Exchange with an estimated value of $2.1 billion. The deal is expected to close in the second quarter.
On Monday, Bakkt named former Citigroup executive Gavin Michael as CEO. A Bakkt spokeswoman said Loeffler will not return to the company.