After a legal battle, Software maker BitTorrent Inc. has reportedly been sold to TRON developer Justin Sun.
The deal was reportedly closed last week, with management from BitTorrent informing staff about the sale. According to sources close to the deal, BitTorrent employees have been asked not to release any information about it. Stakeholders have also reportedly been contacted by the transfer agent hired for the deal. No financial details have been released as of press time.
Sun entered into negotiations with BitTorrent in September of last year and signed a letter of intent to purchase last January. The acquisition was suspended allegedly because BitTorrent started negotiating with other bidders, which ran contrary to the agreement. Due to the involvement of other parties, Sun filed a temporary restraining order.
He later dismissed the lawsuit and registered a company named Rainberry Acquisition Inc. Last year, BitTorrent had rebranded its business entity to Rainberry Inc. Just last week, Rainberry Acquisition Inc. reportedly filed a change of status with the California Secretary of State, due to a Merger, with BitTorrent’s Rainberry Inc. also filing for a merger on the same day.
Company representatives from BitTorrent have yet to release a statement and Sun was also unavailable for comment on the news. As of press time, TRON (TRX) was trading at about $0.048 with a market capitalization at over $3.1 bln.
The file sharing service provider BitTorrent, which closed down its video streaming business last year, was originally developed by Bram Cohen. Cohen reportedly left BitTorrent for a CEO position at Chia, a San Francisco company that is focused on developing solutions to improve cryptocurrency infrastructure.