CleanSpark, Inc. (CLSK) announced on Thursday its agreement to acquire the bitcoin mining firm Griid Infrastructure Inc. (GRDI) through an all-stock deal valued at $155 million.
Alongside the merger agreement, the two companies have entered into an exclusive hosting arrangement that allocates 20 MW of power immediately to CleanSpark.
As part of the merger, CleanSpark will assume all of Griid's existing debts and obligations. Additionally, CleanSpark has extended a $5 million working capital loan along with a bridge loan of approximately $50.9 million to help Griid meet specific commitments at the point of signing.
Zach Bradford, CEO of CleanSpark, highlighted that the acquisition of Griid's pipeline is expected to enable CleanSpark to surpass 100 megawatts in Tennessee by the end of this year, with aspirations to reach 200 megawatts in 2025 and exceed 400 megawatts by 2026.
The transaction is expected to close in the third quarter of 2024.
