Hut 8, a leading digital-currency miner, has received court approval for its bid to acquire four natural-gas power plants in Ontario. This marks a significant milestone in Hut 8’s expansion efforts.
The company announced on Monday that it had obtained an approval and vesting order from the Ontario Superior Court of Justice as part of the ongoing creditor proceedings of Validus Power.
In a successful stalking horse bid last month, Hut 8, in collaboration with Macquarie’s equipment finance arm, secured the power plants, which also include a Bitcoin mine.
As a result of the court approval, Hut 8 is set to become the majority owner of these assets, while Macquarie will hold approximately a 20% stake in a new Hut 8 subsidiary. The transaction, expected to be finalized by Feb. 15, will also involve a secured funding arrangement between Macquarie, Hut 8, and its subsidiary through an operating lease facility.
This acquisition signifies a significant step forward for Hut 8 in its mission to enhance its infrastructure and solidify its position in the digital currency mining industry.