Bitcoin Mining Co. Riot Bets $651M On Hosting Facility Owner

 


Law360 (April 8, 2021, 9:48 PM EDT) -- Bitcoin mining business Riot Blockchain said Thursday that it's agreed to purchase a Bitcoin hosting facility operator from German rival Northern Data in a roughly $651 million deal directed by Sidley Austin and Sullivan & Cromwell.

Riot Blockchain Inc., working with Sidley Austin LLP, said in a news release it would shell out $80 million in cash and 11.8 million of its own shares to purchase Whinstone US Inc. from Sullivan & Cromwell LLP client Northern Data AG to own the self-acclaimed largest Bitcoin mining facility in North America.

The transaction is worth about $651 million based on Riot's April 7...

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