Bitcoin miner CleanSpark to acquire GRIID in a $155 million stock deal.
- In a strategic move to strengthen its infrastructure and expand its capacity, Bitcoin miner CleanSpark Inc. (NASDAQ: NASDAQ:CLSK) has announced that it will acquire GRIID Infrastructure Inc. (NASDAQ: GRDI) in an all-stock transaction valued at $155 million of dollars.
This acquisition, which includes the assumption of GRIID's debt, will significantly enhance CleanSpark's operational capabilities and market presence, particularly in Tennessee.
Acquisition agreement details
CleanSpark's acquisition of GRIID Infrastructure marks an important milestone in its expansion strategy. The deal comes against the backdrop of CleanSpark stock outperforming Bitcoin with a 310% share surge driven by strategic acquisitions and operational expansion.
The GRIID acquisition deal, which involves an all-stock transaction, values GRIID at $155 million, including the assumption of debt.
GRIID shareholders will receive shares of CleanSpark common stock based on an exchange ratio calculated by dividing the aggregate merger consideration by the total number of GRIID shares outstanding on the closing date.
This ratio considers CleanSpark's common stock valuation of $16.587 per share, which reflects the volume-weighted average price over the two consecutive trading days prior to the merger agreement.
As part of the agreement, CleanSpark will assume all outstanding debts and obligations of GRIID. To support GRIID during the transition, CleanSpark has provided a $5 million working capital loan and a $50.9 million repayment bridge loan.
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