M&A · Financials · Finance Services
Cleanspark, Inc. to acquire GRIID Infrastructure Inc.
Announced Jun 27, 2024 · Closed Oct 31, 2024
Deal value$155M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Cleanspark, Inc. (CLSK)
- Target
- GRIID Infrastructure Inc. (GRDI)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Oct 31, 2024
Deal protections
- Break fee (target pays)
- $1.5M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lincoln International
Sector context · Financials
- Comparable deals
- 56 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 1.0% vs. 3.1% sector median
Timeline
- AnnouncedJun 27, 2024
- Proxy filedSep 23, 2024
- Definitive proxySep 23, 2024
- Shareholder voteOct 28, 2024
- ClosedOct 31, 2024
Valuation · fairness opinions
Trading comparables$0.08$0.78
Implied value per GRIID Infrastructure Inc. share by analysis, from Lincoln International.