Vale’s Vale Mining announced Wednesday that it has agreed to acquire the company’s assets, including mining and trading software.
The deal is worth $7.5 billion, with Vale also acquiring ValeNet, a cloud-based, virtual-money service.
Vale said it expects to close the transaction by the end of the year.
The acquisition includes Vale mining software and assets, such as mining data centers, and Vale’s blockchain and digital asset-backed securities.
“Vale has a proven track record of investing in emerging technology companies and has been a leader in blockchain, a new, disruptive technology for digital currencies,” said David Smith, Vale’s chief executive officer.
“We believe Vale’s strong team and experience in blockchain technology will help us achieve our goals of disrupting the industry with the greatest degree of agility and innovation in more than two decades.”
Vale also said it will continue to develop its cloud-platform solutions and the company will continue working with the government on cybersecurity.
Vale Mining, based in the U.K., has a $2.2 billion market cap.
Vale’s revenue is $1.4 billion and it has a market cap of $3.9 billion.
The company was founded in 1999 by former Vale executive Daniel Broughton and was valued at $1 billion.
Vale was founded by Broughson and his brother, Peter, in 1998, with an initial public offering of shares at $20 each.
Vale had its IPO in 2000, but Broughsons ownership changed hands several times before Vale was sold to Vale Network in 2009.
Vale, which has been investing in new technology, has raised $1 million from a group of investors including Alibaba Group, Google Ventures and Sequoia Capital.
Vale is based in London.
ValeNet has a cloud platform that provides a service to the cryptocurrency community.
The service includes a virtual currency mining program that allows users to mine for digital currency with their own hardware.
Users can also use the service to manage virtual currency holdings, such a bitcoins or ether, with another user’s computer.
Vale has been developing blockchain solutions, including its blockchain solution, since 2012.