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- CleanSpark (NASDAQ:CLSK) said on Thursday that the bitcoin miner is set to acquire all the issued and outstanding shares of GRIID Infrastructure (OTCPK:GRDI) in an all-stock transaction.
- GRIID Infrastructure operates as a vertically integrated bitcoin mining company.
- The deal values GRDI at an enterprise value, including payment and assumption of debt, of $155M.
- GRIID stockholders will receive CleanSpark shares at an exchange ratio equal to the quotient obtained by dividing the aggregate merger consideration by the total number of shares of GRIID as of the merger closing date.
- Concurrently, the companies have also entered into an exclusive hosting agreement for all available power, of which 20 MW will be allocated to CleanSpark with immediate effect.
- Additionally, CleanSpark has provided to GRIID a $5M working capital loan and an ~$50.9M pay-down bridge loan.
- The transaction, approved by the boards of both the companies, is expected to close in Q3.
- Source: Press Release