06:51 AM EST, 11/17/2025 (MT Newswires) -- TransAlta Corporation ( TAC ) on Monday entered into a definitive share purchase agreement with an affiliate of Hut 8 ( HUT ) and Macquarie Equipment Finance, the equity owners of Far North Power Corporation, that will see TransAlta ( TAC ) acquire Far North and its entire business operations in Ontario.

TransAlta ( TAC ) was at last look up 3.5% in US premarket trade, while Hut 8 ( HUT ) was up 2.5%.

Monday's statement from TransAlta ( TAC ) noted Far North owns and operates generation assets consisting of four natural gas-fired generation facilities totalling 310 megawatt (MW,) while the purchase price for the acquisition is $95 million, or approximately $306 per kilowatt (kW), subject to working capital and other adjustments. TransAlta ( TAC ) will finance the transaction using cash on hand and draws on its credit facilities.

Among highlights, TransAlta ( TAC ) said the purchase is immediately accretive to free cash flow and cash yield upon closing with approximately 68% of the portfolio's gross margin contracted to 2031, and offers "attractive recontracting fundamentals longer-term".

TransAlta ( TAC ) said the deal "augments and further diversifies" its contracted portfolio and enhances competitive position in its core market of Ontario, increasing its footprint by 310 MW to 1,300 MW.

Hut 8 ( HUT ) said the transaction concludes a multi-phase program through which it stabilized and strengthened the portfolio following its acquisition out of bankruptcy.

TransAlta ( TAC ) was up $0.22 or 1.1% at $20.46 in Canada last Friday. Hut 8 ( HUT ) was up $1.14 or 2.25% in Canada last Friday.