FERC Approves MARA’s $1.5 Billion Ohio Gas Plant Acquisition

The Federal Energy Regulatory Commission (FERC) approved MARA Holdings’ acquisition of the Long Ridge natural gas plant in Ohio, clearing a major step in the Bitcoin miner’s $1.5 billion expansion into power generation. MARA announced the acquisition in April. Under the deal, it would retain about $900 million in Long Ridge debt and pay about $610 million in cash. The transaction’s enterprise value is about $1.512 billion, or roughly 10.5 times about $144 million in annualized adjusted EBITDA. MARA plans to apply a roughly $600 million Bitcoin-backed loan drawn in August toward the cash portion.

Source: TokenPost