2022-01-20 07:04:42 HUT Hut 8 Mining
01/20/22 01/2007:04 01/20/2207:04 | Hut 8 Mining to acquire TeraGo's data center business for C$30MHut 8 Mining is pleased to announce that it has entered into a definitive agreement to purchase the cloud and colocation data center business from TeraGo. Once complete, the acquisition will establish Hut 8 as a leading high-performance computing platform, providing unique positioning for the company within the digital asset ecosystem. The acquisition consists of five data centers across Canada with a comprehensive information technology offering that includes a complete selection of scalable cloud services. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space. Existing saleable power capacity totals 4.1 MW, with a further 1.5 MW of expansion capacity available within existing shelf space in the Kelowna location. Hut 8 is acquiring customers, employees and a diverse product offering as part of the acquisition. Under the terms of the agreement, consideration payable to TeraGo will consist of C$30M, to be funded from existing cash on the company's balance sheet. Hut 8 will retain substantially all current Data Center Business employees. The transaction has been approved by the board of directors of Hut 8 and TeraGo and is expected to close in the first quarter. |
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