TechFlow news, according to prnewswire, cryptocurrency mining company CleanSpark Inc. (Nasdaq: CLSK) has announced a definitive merger agreement with peer GRIID Infrastructure Inc. (Nasdaq: GRDI). CleanSpark will acquire all outstanding shares of GRIID's common stock in an all-stock transaction. The total enterprise value of the deal, including assumed and repaid debt, is $155 million.
CleanSpark expects to add over 400 megawatts of infrastructure in Tennessee within the next two years, bringing its total capacity to more than 1 gigawatt. GRIID shareholders will receive shares of CleanSpark common stock pursuant to the terms of the merger agreement. The transaction is expected to close in the third quarter of 2024, subject to approval by GRIID shareholders and other customary closing conditions. CleanSpark CEO Zach Bradford stated that the acquisition will help the company achieve similar infrastructure development goals in Tennessee as it has in Georgia.
