- Northern Data will acquire an equity interest of up to 100% (but not less than 86%) in Bitfield N.V. for a total enterprise value of up to approximately EUR 400 million and has signed binding purchase agreements with the major shareholders today. Northern Data's interest in Bitfield will ultimately be increased up to 100% under the same terms.
- Immediate access to the currently deployable ASIC mining hardware.
- ASIC hardware includes over 6,600 high-performance ASIC miners already in operation in a market in which mining hardware is in short supply.
- Commissioning schedule for deployment of another already available 26,000 brand-new miners, primarily at sites in North America, is expected to be completed by end of Q1 2022.
- Computing power is generated with zero emissions.
- The transaction will take the form of a EUR 400 million stock-for-stock deal involving the issuance of up to 5.1 million shares in Northern Data AG.
- The new shares will in part come from the use of the Company's registered authorized capital and will be issued exclusive of shareholder subscription rights. As a result, a substantial percentage of the Company's authorized capital will have been issued.
- Northern Data offers customers and investors a unique, complete array of high-performance computing services, which include the business segments Bitcoin Hosting and Services (third-party), Bitcoin Mining (for own account), Altcoin Mining (for own account) and Cloud Computing (third-party).
- The takeover will permit vertical integration of the Company's value-added chain in the mining area with a clear focus on ESG-compliant mining.
- Northern Data is also currently working on further strategic moves that will enable the Company to become a leading bitcoin miner and mining infrastructure provider in North America.
- The new Guidance for 2021 calls for revenues in the amount of approximately EUR 180-220 million with EBITDA unchanged at approximately EUR 100-125 million.
- The Company currently expects to be able to release preliminary IFRS figures for the fiscal year 2020 by the end of September 2021 and publish its consolidated financial statements for FY 2020 thereafter.
Northern Data Acquires Bitcoin Miner Bitfield N.V. to Become a Leading Global Bitcoin Mining Company with Some 33,000 Latest-Generation ASIC Miners
Sep 27, 2021
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