According to prnewswire, crypto mining company CleanSpark Inc. (NASDAQ: CLSK) announced that it has reached a final merger agreement with its peer GRIID Infrastructure Inc. (NASDAQ: GRDI). CleanSpark will acquire all issued and outstanding common shares of GRIID in an all-stock transaction. The total enterprise value of the transaction (including payment and assumed debt) is US$155 million.
CleanSpark expects to add more than 400 megawatts of infrastructure in Tennessee over the next two years, bringing its total capacity to more than 1 gigawatt. GRIID shareholders will receive CleanSpark common stock under the terms of the merger agreement. The transaction is expected to be completed in the third quarter of 2024, subject to GRIID shareholder approval and other customary closing conditions. CleanSpark CEO Zach Bradford said the acquisition will help the company achieve the same infrastructure construction goals in Tennessee as in Georgia.