Ashurst Advises Northern Data AG Boards on Rumble Inc.’s ~US$1bn Public Share‑for‑Share Exchange Offer

"Ashurst has advised the Management Board and Supervisory Board of Northern Data AG on Rumble Inc.’s public exchange offer, published 13 April, under which Rumble is offering 2.0281 newly issued Rumble Class A shares for each Northern Data share. Completion is subject to regulatory clearances and the absence of legal or regulatory prohibitions; there is no minimum acceptance threshold. Under the previously agreed Business Combination Agreement, Rumble has committed not to enter a domination and profit-and-loss transfer agreement with Northern Data for at least three years after closing, and Northern Data’s listing on the Munich open market (Freiverkehr) will be terminated following the transaction. The deal is valued at approximately US$1 billion; Northern Data is a listed developer and operator of global HPC infrastructure for applications including bitcoin mining, blockchain, AI, big data, IoT and rendering. The Ashurst team was led by Prof. Dr. Florian Drinhausen."