CleanSpark to acquire Griid Infrastructure for $155M

CleanSpark (CLSK) and Griid Infrastructure (GRDI) have entered into a definitive merger agreement pursuant to which CleanSpark will acquire all the issued and outstanding common stock of Griid in an all-stock transaction. The total enterprise value of the transaction is $155M. Concurrent with the signing of the merger agreement, the companies also entered into an exclusive hosting agreement for all currently available power, of which 20 MW will be allocated to CleanSpark effective immediately. CleanSpark will assume all outstanding debt and other obligations of Griid pursuant to the merger. CleanSpark also provided Griid with a $5M dollar working capital loan and a pay-down bridge loan of approximately $50.9M that was used to satisfy certain obligations of GRIID at signing. The loan is secured and is senior to all other outstanding debt of Griid. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in Q3. The acquisition is subject to Griid shareholder approval and other customary closing conditions.