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)

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