Bitdeer Technologies, a major firm backing the mining industry, has merged with a special purpose acquisition company (SPAC) which is named Blue Safari Group Acquisition Corp. As per the press release from the SPAC, the combined firm will now be called Bitdeer Technologies Group.
Bitdeer merger valued at $4 billion
Bitdeer and Blue Safari Group Acquisition Corp’s merger was announced in the press release by the former firm. As per the data in the press release, “the Transaction values Bitdeer at an implied enterprise value of approximately $4 billion.” The mining firm and Blue Safari Boards of Directors approved the implied enterprise value.
Bitdeer currently operates in U.S. and Norway and is in possession of 5 data centers throughout the region. The firm also provides mining equipment to miners and also helps with mining data center design and construction, followed by daily operations.
On the other hand, a SPAC is a shell firm only built to acquire another company or merge with it. A SPAC is listed on a stock exchange and helps the other firms with listing without going through the initial public offering process.
The mining firm and Blue Safari’s merger will be headed by Jihan Wu, chairman, and co-founder of Bitmain and Bitdeer. However, the deal is yet to be completed and finalized but is expected to complete in Q1 2022.
“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space. Today marks a significant milestone for Bitdeer, and we strive to create value for our broader group of stakeholders in the future, including our clients, employees, and shareholders,” said the soon-to-be head of the merger.
The mining firm was created from a rift in Bitmain, co-founded by Wu, where he was also the CEO. Following a series of clashes with his other co-founder of Bitmain, Micree Zhan, Wu formed Bitdeer, which is now, a leading firm in mining services.