Northern Data sells “Peak Mining” division
Frankfurt a. M. — Gleiss Lutz has advised Northern Data AG, a data center operator, on the sale of its “Peak Mining” division. Northern Data has already received a payment of USD 50 million upon conclusion of the sale agreement.
Northern Data will also receive additional performance-related payments of up to USD 150 million (“earn-out”) over the next five years. These result from a profit share in the current cash earnings potential of the existing 100 megawatts of mining capacity and the potential future expansion of mining activities at the Corpus Christi site.
A possible resale of the operations at the Corpus Christi site could result in sales proceeds that exceed the earn-out. Northern Data is a leading provider of full-stack solutions for
Artificial Intelligence and High Performance Computing (HPC).
Gleiss Lutz regularly advises Northern Data, most recently on a 20 percent increase in its share capital.
Advisor Northern Data AG: Gleiss Lutz
Dr. Stephan Aubel, photo © Gleiss Lutz (lead, partner), Alexander Gebhardt (counsel), Melanie Barwich (counsel), Christian Schröder (all corporate and capital markets), Anne Görg (corporate, all Frankfurt), Dr. Walter Andert (corporate and capital markets, Berlin).
Working in-house for Northern Data were: Rudolf Haas (Chief Legal Officer), Martin Rinscheid (Deputy Legal Counsel), Mareile Müller-Felsch (Head of Legal) and Konrad v. Buchwaldt (Senior Transaction Counsel).
Northern Data was advised on US law by a team from Latham & Watkins in
New York led by Robert M. Katz.