BitNile Holdings’ Subsidiary Agrees to Purchase Assets of Circle 8 Crane Services
Retrieved on:
Friday, November 18, 2022
Commercial Building & Real Estate, Construction & Property, Finance, Professional Services, Technology, Other Construction & Property, Other Technology, Business, Asset, Risk, Engineering, NYSE, Bryson-Crane House, Philip, Circle, Acquisition, Nature, Security (finance), Transport, NILE, Textile, Growth, Lifting, Suite, Circle 8 Ranch, Management, Paramount, Bitcoin
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (BitNile or the Company), announced today that Circle 8 Newco LLC (Circle 8 Newco), a newly formed indirect subsidiary of Ault Alliance, Inc. (Ault Alliance), a wholly owned subsidiary of the Company, has entered into an asset purchase agreement (the Agreement) with Circle 8 Crane Services LLC (Circle 8), providing for the acquisition of substantially all of Circle 8s operating assets (the Assets) and recapitalization of the business into Circle 8 Newco for an aggregate consideration of approximately $40 million (the Acquisition).
Key Points:
- BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (BitNile or the Company), announced today that Circle 8 Newco LLC (Circle 8 Newco), a newly formed indirect subsidiary of Ault Alliance, Inc. (Ault Alliance), a wholly owned subsidiary of the Company, has entered into an asset purchase agreement (the Agreement) with Circle 8 Crane Services LLC (Circle 8), providing for the acquisition of substantially all of Circle 8s operating assets (the Assets) and recapitalization of the business into Circle 8 Newco for an aggregate consideration of approximately $40 million (the Acquisition).
- The Acquisition will be funded with $16 mm in cash and approximately $24 mm of asset-based debt will be assumed.
- In particular, Circle 8 provides crane operators, engineering, custom rigging and transportation services for oilfield, construction, commercial and infrastructure markets.
- BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.