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Home > Data Center > Northern Data acquires Hydro66 for €25M

Northern Data acquires Hydro66 for €25M

Northern Data has acquired colocation provider Hydro66 and its subsidiaries, Hydro Svenska and Hydro Svenska Services, for €4m in cash and €21m in shares of Northern Data.

Seda Nur Cinar by Seda Nur Cinar
January 8, 2021 1:02 pm
in Data Center
1 min read
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Northern Data acquires Hydro66 Data Center for €25M
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German HPC (High-Performance Computing) infrastructure company Northern Data has acquired colocation provider Hydro66 and its subsidiaries, Hydro Svenska and Hydro Svenska Services, for €4m in cash and €21m in shares of Northern Data.

The site will be expanded

The shares to be received in connection with the proposed transaction will be subject to resale restrictions for a 24 months period following completion of the proposed transaction. Hydro66 will retain its Megamining Limited subsidiary.

David Rowe, CEO of Hydro66, talked about the acquisition, saying,

David Rowe, CEO of Hydro66
David Rowe, CEO, Hydro66

“Incorporating Hydro66’s assets, expertise and expansion capability into Northern Data’s plans is a win for both parties. Aroosh continues to create huge value for Northern Data shareholders through a series of astute moves and I believe this proposed transaction will benefit both parties in delivering shareholder value.”

“The acquisition helps us to meet the current strong demand for HPC through our own infrastructure. Hydro66 have built a unique facility and brand in Sweden which is ideal for AI and ML type HPC applications. We intend to expand the site during the year and utilize the low power costs and exceptional green credentials of the facility to meet customer demand and deliver enhanced profitability for the Northern Data Group in 2021 and beyond,” according to Aroosh Thillainathan, CEO of Northern Data.

Read also:  Mainova WebHouse Management appoints new managing director

See more Data Center News



Tags: David RoweHydro66Northern Data
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Seda Nur Cinar

Seda Nur Cinar

Editor of Cloud7, Seda is a Linux and opensource enthusiast, security researcher and a web application developer.

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