Jun 12, 2018 at 07:31
Oct 1, 2018 at 08:19 UTC
BitTorrent Acquired By TRON Founder
Justin Sun, blockchain entrepreneur and developer of the TRON platform, recently bought the software company BitTorrent Inc.
BitTorrent management informed their staff about the deal last week and that closed the deal for good. For now, the company’s employees have been advised not to release any information according to a source inside. Variety reported that some of the stakeholders have also been contacted by the transfer agent who was hired to make the deal. No financial details of the acquisition have been made available to the public or press yet.
The news that BitTorrent was in the process of being acquired by the TRON founder had started making the rounds since last month. Apparently, the negotiations between Sun and BitTorrent began in September of last year, and he signed a letter of intent to purchase in January. Contrary to the agreement, BitTorrent started negotiating with additional bidders which led to the deal being suspended. The involvement of other parties made Sun file a temporary restraining order.
He dismissed the lawsuit later and registered a company called Rainberry Acquisition Inc. BitTorrent had renamed its business entity to Rainberry Inc. at the beginning of last year. Last week, Rainberry Acquisition Inc. filed a change of status with the California Secretary of State due to a merger. BitTorrent’s Rainberry Inc. also filed for a merger on the very same day.
BitTorrent is a file-sharing platform, which shut down its live streaming business last year. It was developed by Bram Cohen. Cohen reportedly left the company for a CEO position at Chia, a San Francisco-based company focused on improving cryptocurrency infrastructure.