Key Takeaways:
- CleanSpark acquired GRIID Infrastructure for $155 million in an all-stock deal, including GRIID’s stock, debts, and immediate obligations.
- The acquisition includes an exclusive hosting agreement for 20 megawatts, with plans to expand CleanSpark’s operations by over 400 megawatts in the next few years.
- CleanSpark’s stock increased by 2.2% on the announcement, showing a year-to-date gain of over 50%.
CleanSpark, a Bitcoin miner, acquired GRIID Infrastructure in a $155-million all-stock deal announced on June 27.
This acquisition includes all of GRIID’s common stock and debts, a $5-million working capital loan, and $50.9 million for immediate obligations.
We’ve announced an agreement to acquire @griid based on an enterprise value of $155 million and expansion plans of over 400 MW in Tennessee. $CLSK expects to add over 400 MW in the state over the next two years.
— CleanSpark Inc. (@CleanSpark_Inc) June 27, 2024
Under the definitive merger agreement, we will purchase all issued… pic.twitter.com/Pd5oXPq4zp
CleanSpark also entered an exclusive hosting agreement for 20 megawatts of power and plans to add over 400 megawatts to its operations within the next few years.
CEO Zach Bradford expects to exceed 100 megawatts in Tennessee by year-end, reaching 200 megawatts by 2025, and over 400 megawatts by 2026.
CleanSpark’s stock rose 2.2% to $16.44 on the announcement day, marking a year-to-date gain of over 50%.
GRIID operates two mining facilities in East Tennessee and one in New York, with a total capacity of 68 megawatts.
BREAKING‼️- CleanSpark Inc. and GRIID Infrastructure Inc. have entered into a merger agreement.
— Swan (@Swan) June 27, 2024
CleanSpark will acquire all the issued and outstanding common stock of GRIID in an all-stock transaction.
The total enterprise value of the transaction is $155 million.#Bitcoin pic.twitter.com/1x8YuowKej
This acquisition follows CleanSpark’s purchase of five mining facilities in Georgia, adding 60 megawatts of power.
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