Tether and Rumble bet on AI with $1.17B Northern Data acquisition
Main Idea
Tether and Rumble have proposed a joint $1.17 billion acquisition of Northern Data to expand their AI and high-performance computing operations.
Key Points
1. Tether and Rumble's acquisition offer values Northern Data at $1.17 billion, with shareholders receiving 2.319 Rumble shares per Northern Data share.
2. Northern Data's business includes Taiga Cloud (GPU cloud services), Ardent Data Center (data infrastructure), and Peak Mining (AI and HPC focus).
3. Tether, already Northern Data's largest investor, will amend its existing loan to provide financial support for the acquired business.
4. The deal would result in Northern Data shareholders owning approximately 33.3% of Rumble, with Tether becoming Rumble's largest Class A common shareholder.
5. Proceeds from the sale of Northern Data's mining unit will be reinvested into AI and high-performance computing operations.
Description
Tether and Rumble have offered to acquire all shares of AI infrastructure operator Northern Data in a $1.17 billion deal, making Tether Rumble’s top shareholder.
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