Hut 8 Mining Corp. (TSX:HUT) entered into a definitive agreement to acquire Cloud and colocation data center business of TeraGo Inc. (TSX:TGO) for CAD 30 million on January 20, 2022. The purchase price payable will be the sum of an amount equal to CAD 30 million, the value of the assumed liabilities, the amount by which the final working capital is greater than the target working capital, if any; less and the amount by which the target working capital is greater than the final working capital, if any. The consideration is subject to adjustments. The purchase consideration will be funded from existing cash on the company's balance sheet. Under the agreement, Hut 8 is acquiring TeraGo’s cloud and colocation customers, employees, certain other contracts, intellectual property rights and other assets related to its cloud and colocation business lines. The company’s senior executives and employees that are part of TeraGo’s fixed wireless access and 5G business line will remain with TeraGo. Hut 8 will retain substantially all current Data Center Business employees. Additionally, TeraGo will provide support and transition services over the next few months to ensure the smooth operation and transfer of the cloud and colocation business lines. The transaction has been approved by the Board of Directors of Hut 8 and TeraGo. The transaction is expected to close in the first quarter of 2022. DH Capital is serving as financial advisor to TeraGo and InHaus Legal LLP & Norton Rose Fulbright Canada LLP are acting as legal counsels to TeraGo. Stifel GMP acted as financial advisor and Fasken Martineau DuMoulin LLP acted as legal advisor to Hut 8.