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,
“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.