CleanSpark To Acquire Griid Infrastructure For $155 Mln

(RTTNews) - CleanSpark, Inc. (CLSK) Thursday announced an agreement to acquire bitcoin mining company Griid Infrastructure Inc. (GRDI) in an all-stock transaction valued at $155 million.

Simultaneously with the merger agreement, the two companies have also signed an exclusive hosting agreement for all available power, with 20 MW immediately allocated to CleanSpark.

As part of the merger, CleanSpark will also take on all of Griid's existing debt and obligations. In addition, CleanSpark has provided Griid with a $5 million working capital loan and a pay-down bridge loan of around $50.9 million to fulfill specific obligations at signing.

CleanSpark's CEO Zach Bradford expressed that the acquisition of the Griid pipeline is expected to enable the company to surpass 100 megawatts in Tennessee by the end of this year, with plans to reach 200 megawatts in 2025 and exceed 400 megawatts by 2026.

The transaction is anticipated to be finalized in the third quarter of 2024.