Saxo Bank and DCAC Terminate Proposed Business Combination, Citing "Timing is not Optimal"

Fazzaco learned that the proposed business combination of Saxo Bank and Disruptive Capital Acquisition Company Limited (DCAC) has been terminated. The combination was initially announced in September 2022.

DCAC is a special purpose acquisition company listed on Euronext Amsterdam, which successfully raised GBP 125 million of proceeds in October 2021. DCAC was formed to combine with a high quality European financial services business. Saxo Bank intended to explore a listing on Euronext Amsterdam via the deal.

However, the two companies cited that “it has after careful consideration been determined that the timing is not optimal”. DCAC is contemplating its options, taking into account its business combination deadline of 11 January 2023, subject to potential extension.

Saxo Bank has been focusing on strengthening its brand across global markets. The broker's total trading volume for November came in at $400 billion​, up by 6 percent compared with October's $432.2 billion. Moreover, Saxo Bank registered a YTD average monthly volume of $404 billion, showing a YoY increase of 31% compared to 2021's $308 billion.