Northern Data’s €365 Million Acquisition of Decentric Europe

Northern Data's €365 Million Acquisition of Decentric Europe

Loyens & Loeff and Gleiss Lutz assisted Northern Data on the deal. Clifford Chance advised Block.one.

Northern Data, a leading infrastructure supplier for HPC applications and Bitcoin mining, completed the acquisition of the Dutch cryptomining company Decentric Europe from Block.one for a purchase price of 365 million euro. 

As a result, Northern Data will acquire all of Decentric’s GPU hardware. This GPU hardware includes approximately 223,000 GPU cards produced by AMD and Nvidia, which are installed in more than 24,000 server systems of GIGABYTE Technology, a vendor of high-performance servers.

Thanks to this acquisition the Company will be in a position to market cloud-based HPC applications that feature maximum scalability as well as exceptional time- and cost efficiency and exclusive use of renewable sources of energy plus compliance with the provisions of German and Norwegian data sovereignty legislation.
Northern Data will complete the full installation of all GPU server systems at its sites by the end of the third quarter of 2021.

The Loyens & Loeff team included Antoinette van der Hauw (Picture), Stijn Werdmölder, Ivar van der Mark and Madeline Snethlage.

The international Clifford Chance team advising Block.one on this transaction comprised partner Thomas Krecek, senior associate Annette Röhder, associates Lara Stelmach and Orsolya Gondos (all Corporate, Frankfurt) as well as partner Gregory Crookes, associates Evert van der Kaa, Tjerk de Jonge, Ellen de Kok, Laura Stegeman and Luc Van Oosterhout as well as trainee lawyer Polly Huls (all Corporate), partner Ilse van Gasteren (Finance) and associate Stern Flik (Tax, all Amsterdam); partner Philipp Klöckner as well as counsels Nico Feuerstein (both Frankfurt) and Nicolas Cookson (Düsseldorf, all Finance); and partner Dimitri Slobodenjuk as well as senior associate Caroline Scholke (both Antitrust, Düsseldorf).

Inhouse at Block.one, Chief Legal Officer Alex Erasmus and Deputy General Counsel Nicholas Armstrong led on the transaction.

The Gleiss Lutz team included Dr. Andreas Löhdefink, Dr. Cornelia Topf (partners, both lead, M&A), Dr. Stephan Aubel (partner, Corporate and Capital Markets, all Frankfurt), Dr. Jacob von Andreae (partner, Public Business Law, Düsseldorf), Dr. Stefan Weidert (partner, IP/IT, Berlin), Dr. Wolfgang Bosch (partner, Competition/Antitrust, Frankfurt), Dr. Dirk Scherp (of counsel, Compliance, Frankfurt), Dr. Christina Aye (counsel, Corporate and Capital Markets, Frankfurt), Dr. Christoph Auchter, Kevin Löffler (both M&A), Felix Wrocklage (Corporate), Marina Stoklasa (Compliance, all Frankfurt), Aylin Hoffs (Public Commercial Law, Düsseldorf).

Involved fees earner: Nicolas Cookson – Clifford Chance; Gregory Crookes – Clifford Chance; Tjerk de Jonge – Clifford Chance; Ellen de Kok – Clifford Chance; Nico Feuerstein – Clifford Chance; Stern Flik – Clifford Chance; Orsolya Gondos – Clifford Chance; Philipp Klöckner – Clifford Chance; Thomas Krecek – Clifford Chance; Annette Röhder – Clifford Chance; Caroline Scholke – Clifford Chance; Dimitri Slobodenjuk – Clifford Chance; Laura Stegeman – Clifford Chance; Lara Stelmach – Clifford Chance; Evert van der Kaa – Clifford Chance; Ilse van Gasteren – Clifford Chance; Luc van Oosterhout – Clifford Chance; Stephan Aubel – Gleiss Lutz; Christoph Auchter – Gleiss Lutz; Christina Aye – Gleiss Lutz; Wolfgang Bosch – Gleiss Lutz; Aylin Hoffs – Gleiss Lutz; Kevin Löffler – Gleiss Lutz; Andreas Löhdefink – Gleiss Lutz; Marina Stoklasa – Gleiss Lutz; Dirk Scherp – Gleiss Lutz; Cornelia Topf – Gleiss Lutz; Jacob von Andreae – Gleiss Lutz; Stefan Weidert – Gleiss Lutz; Felix Wrocklage – Gleiss Lutz; Madeline Snethlage – Loyens & Loeff; Antoinette van der Hauw – Loyens & Loeff; Ivar van der Mark – Loyens & Loeff; Stijn Werdmölder – Loyens & Loeff;

Law Firms: Clifford Chance; Gleiss Lutz; Loyens & Loeff;

Clients: Block.one; Northern Data AG;

Author: Federica Tiefenthaler