One of the biggest mining concerns in North America is taking over another, as Hyperblock agrees to take over Cryptoglobal for an estimate $106m.
The absorption of the Canadian company by the US concern will, according to reports, lead to a publicly traded company responsible for over 21,000 mining rigs – that currently consumes 28MW of electricity, but could potentially get much, much power hungry.
Hyperblock will be buying all the shares of Cryptoglobal for $0.74 each, with it’s CEO – Sean Walsh – saying “Combining HyperBlock’s large-scale Mining-as-a-Service model with Cryptoglobal’s existing mining, custodial storage and crypto trading businesses, creates a strong foundation for both organic growth and growth through acquisition.”
The deal will be done-and-dusted by the end of May, we’re told – providing both company’s shareholders sign-off on the deal, and it meets with legal and regulatory approval. The Cryptoglobal name will disappear under the terms of the agreement in principle, with the new Hyperblock Technologies entity being traded on the Canadian Securities Exchange.