Openmarkets Group Pty Ltd, an Australian trading and wealth management technology provider, has signed a plan of merger and business combination agreement with Lake Superior Acquisition Corp., a Nasdaq-listed special purpose acquisition company. If completed, the transaction would take the combined Openmarkets Group public on Nasdaq.
The parties said the deal is expected to close in 2026, subject to regulatory approvals, shareholder votes, and customary closing conditions. The agreed terms imply an estimated enterprise value for Openmarkets of about $300 million, excluding any earn-out shares contemplated in the agreement.
Openmarkets said the transaction aligns with a newly launched strategy to expand into decentralized finance, including cryptocurrency trading and real-world asset tokenization, alongside international growth. The company said its initial focus on digital assets will be on the secure and compliant fractionalization of assets such as funds, real estate, private equity, and private credit, while integrating crypto trading into its existing trading technology platform. Openmarkets added that it is building a partnership ecosystem and reviewing regulatory authorizations to support a DeFi offering.
Lake Superior said it conducted an extensive search for a target and expects the public market platform to help Openmarkets accelerate geographic expansion and pursue its open finance ambitions. Openmarkets said it will retain its current management team and business structure after closing.
Openmarkets is headquartered in Sydney with additional offices in Melbourne and Brisbane. The company provides brokerage services such as trade execution, clearing, and settlement, along with options risk management and equity order management applications, and wealth management software delivered as a service to fintech providers, advice professionals, and high-volume traders. Lake Superior is a blank check company formed to pursue a merger or similar business combination.
KEY QUOTES
“This transaction will provide a myriad of benefits to Openmarkets as we pursue our open finance strategy, opening up new sources of capital and onboarding new, strategically-aligned investors whilst giving Openmarkets a US market presence.”
“Tomorrow’s capital markets will be defined by the convergence of traditional and decentralised finance, and there’s enormous commercial potential for trusted fintechs to invest in compliant and secure infrastructure solutions that bring tokenised assets into our traditional financial system. Openmarkets is ready to deliver on this opportunity.”
Dan Jowett, CEO of Openmarkets Group
“The combination with Openmarkets is the culmination of an exhaustive search for a market leader poised for explosive global growth. Through this transaction, we are providing the public market platform necessary for them to accelerate their expansion into new geographies and further their ambition to build the future of open finance through DeFi.”
Edward Cong Wang, CEO and Chairman of Lake Superior Acquisition Corp.
