Neo Global Capital was competing with Tron to acquire BitTorrent, but uncertainty over the bid resulted in BitTorrent going with Tron founder Justin Sun, rather than the higher offer from Neo, CoinDesk reported.
According to the report, Neo offered $170 million for the company behind the Internet’s most popular peer-to-peer file sharing technology.
However, it was ultimately Sun’s offer of $120 million that won the bidding war.
Citing internal documents, the report stated that BitTorrent and the venture capital company which owns most of the company’s equity, DCM, said the offer from Neo Global Capital was not as favourable as the one from Sun.
They said there was a higher risk of the transaction not succeeding because Neo’s primary assets are cryptocurrency – and would require additional foreign currency conversion.