Hut 8 Gets Court Approval in Bid for Four Natural Gas Power Plants
By Robb M. Stewart
Hut 8's bid for four natural-gas power plants in Ontario has secured court approval, a step forward in the digital-currency miner's expansion efforts.
The company said Monday that it received an approval and vesting order from the Ontario Superior Court of Justice as part of the continuing creditor proceedings of Validus Power.
Hut 8, in partnership with Macquarie's equipment finance arm, was last month successful in a stalking horse bid for the power plants, including a Bitcoin mine.
With the court approval, Hut 8 will become majority owner of the assets while Macquarie will gain a roughly 20% stake in a new Hut 8 subsidiary. Completion of the deal, which is expected to close by Feb. 15, will include a secured funding arrangement with Macquarie and Hut 8's subsidiary in the form of an operating lease facility.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 08, 2024 07:17 ET (12:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks