A Gleiss Lutz team advised leading infrastructure provider Northern Data AG ("Northern Data") on the acquisition of Decentric Europe BV ("Decentric") from Block.one. All of Decentric's GPU hardware, including approximately 223,000 AMD and Nvidia GPU cards in over 24,000 server systems, was acquired in this way. There is immediate access to the already operational hardware. Northern Data will complete the full installation of all GPU server systems at its sites by the end of the third quarter of 2021. The entire network is powered by green energy.
The consideration consists of a cash component of EUR 195 million to be paid within twelve months and shares in Northern Data AG valued at approximately EUR 170 million. Block.one had previously held an interest in Northern Data and, following the transaction, will hold approximately 18.2 percent of the shares in Northern Data.
The transaction has already been completed.
The listed company Northern Data AG develops and operates global infrastructure solutions in the field of high-performance computing (HPC) and provides the infrastructure for various HPC applications in areas such as bitcoin mining, blockchain, artificial intelligence, big data analytics, Internet of Things and rendering. Northern Data offers its HPC solutions both in large, stationary data centres and in mobile high-tech data centres that can be set up at any location worldwide. The company combines self-developed software and hardware with intelligent concepts and a particularly sustainable cooling technology. The Northern Data group currently employs around 200 people.
The transaction serves the vertical integration of the value chain in high performance cloud computing. The acquisition will enable the company to offer cloud-based HPC applications with maximum scalability and the highest time and cost efficiency, using renewable energy sources only and complying with German and Norwegian data sovereignty requirements. Northern Data is working on other strategic moves that will accelerate expansion of its HPC business for applications that will extend beyond blockchain use cases.
Gleiss Lutz last advised Northern Data AG in connection with its acquisition of a data centre facility in Northern Sweden from the Canadian Hydro66 Group.
The following team of Gleiss Lutz lawyers advised Northern Data on the transaction:
Dr Andreas Löhdefink, Dr Cornelia Topf (partners, both lead, M&A), Dr Stephan Aubel (partner, Corporate and Capital Markets, all Frankfurt), Dr Jacob von Andreae (partner, Public Business Law, Düsseldorf), Dr Stefan Weidert (partner, IP/IT, Berlin), Dr Wolfgang Bosch (partner, Competition/Antitrust, Frankfurt), Dr Dirk Scherp (of counsel, Compliance, Frankfurt), Dr Christina Aye (counsel, Corporate and Capital Markets, Frankfurt), Dr Christoph Auchter, Kevin Löffler (both M&A), Felix Wrocklage (Corporate), Marina Stoklasa (Compliance, all Frankfurt), Aylin Hoffs (Public Commercial Law, Düsseldorf).
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