TRON Founder Justin Sun is Acquiring BitTorrent Inc
TRON founder acquires BitTorrent following lawsuit
The operator of torrent client uTorrent, BitTorrent Inc., is in the process of being acquired by TRON founder Justin Sun.
According to a report by TorrentFreak on Friday, the TRON founder is currently finalizing the handover.
Justin Sun had sued BitTorrent Inc. earlier this year, for reportedly infringing a “No Shop” clause from a letter of intent he signed in January.
Sun’s lawsuit against BitTorrent, which changed its name to Rainberry in 2017, notes that after the letter of intent was signed, the company broke the contract.
According to the TRON founder, BitTorrent’s David Chao told Sun that the firm had three “superior” bids from other companies with which they negotiated.
Sun made a request for BitTorrent to be issued with a restraining order to cease communications with other potential buyers.
Mr. Sun’s request was dismissed in court, however.
Sun reportedly registered a holding company called “Rainberry Acquisition” at the same time the exclusivity period of the letter of intent ended at the end of February, according to TorrentFreak.
