Riot Blockchain, Inc. (RIOT) Thursday announced an agreement to acquire Whinstone US, Inc. for consideration of $80 million cash plus a fixed 11.8 million shares of Riot common stock. The deal implies a total transaction value of approximately $651 million.
Riot, a bitcoin mining company, said the acquisition will create significant financial and operational synergies for the company.
Upon closing of the transaction, Northern Data will own approximately 12 percent of the total outstanding common stock of Riot. The transaction is expected to close in the second quarter of 2021.
Whinstone, based in Rockdale, Texas has a total power capacity of 750 MW.
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