Canadian mining company HyperBlock, one of the largest in North America, has announced plans to acquire another player in the market — CryptoGlobal. The deal is estimated at 106 million dollars. It is reported that HyperBlock CryptoGlobal acquires shares for 74 cents apiece, which is 40% above the current market price of shares sold on the OTC-markets.
On completion of the transaction HyperBlock plans to enter the canadian exchange, and to compensate investors CryptoGlobal shares of the combined companies. Compensation will be 60.4 million ordinary shares HyperBlock Technologies, which accounted for 25% of the shares of United mining conglomerate.
Before the unification of the HyperBlock was one of the largest mining operators in North America with more than 10 itahashi hashing power of bitcoin. In addition to cryptocurrency mining, the company is also working on the hosting market servers, which allowed it to provide income from different sectors and thus to minimize their risks.
After the acquisition CryptoGlobal the company hopes to expand its mining capacity and to start production of the ether, litecoin and Dash. After completion of the transaction by the President of the combined company will be the head of the current HyperBlock Sean Walsh (Sean Walsh), and the founders CryptoGlobal Rob Segal (Segal Rob) and James Millership (James Millership) will join him as the top managers of the company. Walsh said:
«By combining large-scale model mining as a service HyperBlock with the capacity and existing storage systems CryptoGlobal, we will create a strong Foundation for the growth of our new organization.»
This transaction, one of the largest in the history of the mining industry, will allow HyperBlock become an even larger player in the industry over time.