Gleiss Lutz has advised Northern Data AG (“Northern Data”) on the sale of its “Peak Mining” business unit. Upon signing the sale agreement, Northern Data received a payment of USD 50 million. In addition, over the next five years, Northern Data will generate additional performance-based payments of up to USD 150 million (“Earn-Out”). These result from profit participation in the current cash yield potential of the existing 100 megawatt mining capacity as well as potential future expansion of mining activities at the Corpus Christi site. A potential resale of operations at the Corpus Christi site could lead to proceeds exceeding the Earn-Out.
Northern Data AG is a leading provider of full-stack AI and High Performance Computing (HPC) solutions.
Gleiss Lutz regularly advises Northern Data, most recently on a 20% capital increase.
The following Gleiss Lutz team advised Northern Data AG:
Dr. Stephan Aubel (lead, partner), Alexander Gebhardt (counsel), Melanie Barwich (counsel), Christian Schröder (all corporate and capital markets law, all Frankfurt), Anne Görg (corporate law, Frankfurt), Dr. Walter Andert (corporate and capital markets law, Berlin).
In-house counsel 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)
Regarding U.S. law, Northern Data was advised by a Latham & Watkins team in New York led by Robert M. Katz.
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