09:55 AM EDT, 06/27/2024 (MT Newswires) -- CleanSpark ( CLSK ) and Griid Infrastructure ( GRDI ) , a bitcoin mining data centers operator, have signed a merger agreement under which CleanSpark ( CLSK ) will acquire all the issued and outstanding common shares of Griid in an all-stock transaction for a total enterprise value of $155 million, the companies said Thursday.

Additionally, 20 megawatts of power will be allocated to CleanSpark ( CLSK ) under an exclusive hosting agreement with Griid, effective immediately, the companies added.

CleanSpark ( CLSK ), which will assume all outstanding debt of Griid, also provided a $5 million working capital loan to Griid and a pay-down bridge loan of roughly $50.9 million, the companies said.

The boards of directors of both companies approved the deal, which is expected to be completed in Q3, CleanSpark ( CLSK ) and Griid said.

CleanSpark's ( CLSK ) shares were down 6.5% in recent trading.

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