Rumble acquires Northern Data in AI and cloud expansion
Tether seeks to expand its influence in AI and cloud services by joining forces with Rumble owner Chris Pavlovski
On August 10, video hosting and cloud services company Rumble announced plans to acquire AI and high-performance computing infrastructure provider Northern Data.
According to the statement, the acquisition involves issuing new Class A Rumble shares in exchange for Northern Data shares. Under the proposed terms, each Northern Data shareholder will receive 2.319 Rumble shares for each share they own.
In its second-quarter report, Rumble CEO Chris Pavlovski noted that the company is expanding its cloud and AI initiatives to support the sustainable growth of a free and open internet.
“Rumble is entering a new phase of aggressive growth. We have always been ambitious, but today we are in a different position: launching bold initiatives not only to compete with Big Tech companies but to surpass them,” Pavlovski said.
A comprehensive approach to the deal
Meanwhile, as reported by Cryptoslate, Tether will play a key role in Rumble’s new plans. Over the past year, the stablecoin issuer has invested significant funds into both Rumble and Northern Data.
Currently, Tether owns 54% of Northern Data shares but intends to sell its entire stake to Rumble in exchange for newly issued Class A shares at the same rate offered to other shareholders.
If the deal is approved, Northern Data shareholders will receive about 33.3% of Rumble shares. The final share exchange ratio will be determined after due diligence and negotiations between the two companies.
As a result, Tether is expected to become the largest holder of Rumble’s Class A common shares, while Pavlovski will retain control of the company.
In addition, Tether plans to sign a multi-year agreement with Rumble for the purchase of graphics processors and adjust the terms of its existing loan to Northern Data, providing the combined business with greater financial flexibility.
As we wrote, Tether partners with Rumble to build decentralized future
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