Riot blockchain acquires ESS Metron for ~$50M in cash and stock
Dec. 01, 2021 10:06 AM ETRiot Platforms, Inc. (RIOT)By: Deepa Sarvaiya, SA News Editor2 Comments
- Riot Blockchain (NASDAQ:RIOT) trading up 4.76% as it acquires Ferrie Franzmann, d/b/a ESS Metron at ~ $50 million, consisting of up to 715,413 shares of Riot common stock and $25M in cash, funded with cash on the balance sheet.
- ESS Metron is a leader with over sixty years of experience in designing and producing highly engineered electrical equipment solutions, many of which are mission-critical to successfully deploying Bitcoin mining operations at scale.
- Acquisition assists in ensuring Riot’s timely miner installations by de-risking procurement of mission-critical infrastructure.
- Acquisition enhances Riot’s competitive position across the electrical supply chain, as ESS Metron is also a leading supplier to numerous third-party clients.
- ESS Metron is expected to continue to operate as an independent subsidiary of Riot, with the entire employee team being retained.
- Recently, the company reported it's Q3 results.