📣 CleanSpark Acquires GRIID
posted 27 Jun 2024
CleanSpark, a mining company, is acquiring the U.S.-based infrastructure firm GRIID for $155 million. The boards of both companies have approved the deal, which now requires the nod from other shareholders and regulatory bodies. The acquisition is expected to be finalized by the third quarter of 2024.
In this deal, CleanSpark will take on all of GRIID's debt obligations and provide a $5 million credit facility as well as a short-term loan of $50.9 million. If the deal goes through, CleanSpark aims to boost its capacity in Tennessee to 200 MW next year and surpass 400 MW by 2026.
This acquisition would give us a clear and steady path over the next three years to accomplish in Tennessee what we proudly achieved in Georgia over the past three yearsstated CleanSpark's CEO, Zach Bradford.
The news of the acquisition positively affected CleanSpark's stock, which increased by 1-2%, whereas GRIID Infrastructure's shares dropped by 52%. It is also noteworthy that Riot Platforms, another mining company, previously attempted to acquire Bitfarms, offering a 24% premium to all shareholders.
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