Rumble Gains on Plans to Acquire Tether-Affiliated Northern Data
Main Idea
Rumble plans to acquire Tether-affiliated Northern Data, aiming to integrate its cloud computing and AI-focused operations, with Tether agreeing to swap its shares for Rumble stock and commit to multi-year GPU purchases.
Key Points
1. Rumble (RUM) announced plans to acquire Northern Data, a cloud computing firm, with the deal involving the issuance of 2.319 new Rumble shares for each Northern Data share.
2. The acquisition would integrate Northern Data’s Ardent data center business and Taiga GPU-as-a-service operations, adding over 20,000 Nvidia H100 GPUs and 2,048 H200s.
3. Tether, which holds a 54% stake in Northern Data, agreed to swap its shares for Rumble stock and commit to multi-year GPU purchases to ease financial pressure post-merger.
4. Rumble CEO Chris Pavlovski stated the acquisition could position the company as a global leader in AI-focused operations.
5. Rumble's stock rose as much as 20% pre-market and closed 7% higher, while Northern Data shares surged nearly 20% on European exchanges.
Description
Video sharing platform Rumble (RUM) gained on Monday on plans to acquire cloud computing firm Northern Data in an all-stock deal, which would see the two firms stablecoin issuer Tether (USDT) invested in merging into one. If the deal proceeds, Rumble would give 2.319 newly-issued shares for each Northern Data share. Northern Data shareholders would own roughly one-third of the combined company. Rumble would integrate Northern Data’s Ardent data center business and Taiga GPU-as-a-service operatio...
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