LATEST: CleanSpark Acquires Bitcoin Miner GRIID in $155M Deal, Expands in Tennessee

CleanSpark Inc. (Nasdaq: CLSK) has entered a definitive agreement to acquire GRIID Infrastructure Inc. (Nasdaq: GRDI) in an all-stock transaction valued at $155 million. The deal includes CleanSpark assuming GRIID’s debt and providing a $5 million working capital loan alongside a $50.9 million bridge loan. This merger is set to significantly expand CleanSpark’s bitcoin mining capabilities, particularly in Tennessee.

The agreement also includes an exclusive hosting arrangement for 20 MW of power, immediately allocated to CleanSpark. CleanSpark’s CEO, Zach Bradford, expressed excitement about the acquisition, emphasizing plans to grow Tennessee operations to over 400 MW by 2026. GRIID’s CEO, Trey Kelly, and CSO, Harry Sudock, highlighted the shared vision and anticipated rapid growth in the Tennessee Valley.

Both companies have a community-first approach, embedding their operations within local communities. This merger, unanimously approved by both Boards, is expected to close in Q3 2024, pending GRIID shareholder approval and other customary conditions.

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