Power & Digital Infrastructure Acquisition’s $4.3 Billion Merger with Core Scientific

Kirkland & Ellis represented XPDI, while Cooley represented Core Scientific in the transaction.

Power & Digital Infrastructure Acquisition Corp. (Nasdaq: XPDI), a publicly traded special purpose acquisition company, executed its definitive merger agreement with Core Scientific Holding Co., a leader in customizable infrastructure and software solutions to large scale customers for blockchain hosting and digital asset mining. As a result of the transaction, which values the company at a pro forma enterprise value of approximately $4.3 billion, the combined company is expected to operate as Core Scientific, Inc. and remain a publicly listed company on the NASDAQ stock market.

Barclays Capital Inc. served as financial and capital markets advisor to XPDI.  XMS Capital Partners, LLC served as financial advisor to XPDI in connection with the transaction. Evercore served as financial advisor to Core Scientific.

The Kirkland team was led by corporate partners Debbie Yee (Picture), Richard Campbell and Adam Garmezy and associates Randy Santa Ana, Christian Mahre and Parker Collins; capital markets partner Julia Danforth and associate Kristin Kluding; and tax partner David Wheat and associates Joe Tobias and Victoria Chang.

The Cooley team was led by Daniel Peale, David Silverman and Nicolas Dumont. Additional assistance was provided by Kristin Leavy, Michael Rose, Richard Lee, Elizabeth Lewis, Eileen Marshall, Matt Finan, Dustin McKenzie, Alexander Panisch, Kassendra Galindo, Robert Sanchez, David Safren, Pengli Li, Michael Zhang, Todd Gluth, Howard Morse, Sharon Connaughton, Nancy Wojtas and David Walsh.

Involved fees earner: Sharon Connaughton – Cooley LLP; Nicolas Dumont – Cooley LLP; Matt Finan – Cooley LLP; Kassendra Galindo – Cooley LLP; Todd Gluth – Cooley LLP; Kristin Leavy – Cooley LLP; Richard Lee – Cooley LLP; Elizabeth Lewis – Cooley LLP; Pengli Li – Cooley LLP; Eileen Marshall – Cooley LLP; Dustin McKenzie – Cooley LLP; Howard Morse – Cooley LLP; Alexander Panisch – Cooley LLP; Daniel Peale – Cooley LLP; Michael Rose – Cooley LLP; David Safren – Cooley LLP; Robert Sanchez – Cooley LLP; David Silverman – Cooley LLP; Nancy Wojtas – Cooley LLP; Michael Zhang – Cooley LLP; Richard Campbell – Kirkland & Ellis; Victoria Chang – Kirkland & Ellis; Adam Garmezy – Kirkland & Ellis; Kristin Kluding – Kirkland & Ellis; J. Christian Mahre – Kirkland & Ellis; Randy Santa Ana – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; David Wheat – Kirkland & Ellis; Debbie Yee – Kirkland & Ellis;

Law Firms: Cooley LLP; Kirkland & Ellis;

Clients: Core Scientific; Power & Digital Infrastructure Acquisition;

Author: Martina Bellini