Press Release

Northern Data Group acquires Damoon for £341.7m to enhance HPC infrastructure

Wed 31 Jan 2024

Northern Data Group has finalised the acquisition of Damoon from Tether Group. This acquisition, initially announced in July 2023, was completed in two phases.

Approximately 70% of Damoon was acquired by the end of December 2023 and the remaining 30% on 3 January 2024.

The acquisition, valued at £341.7 million (€400 million), positions Tether Group as a cornerstone shareholder in Northern Data Group and marks a significant step in Northern Data’s vision to become a global High-Performance Computing (HPC) Infrastructure Solutions Provider.

Strategic Investment in HPC and Generative AI

Northern Data Group’s acquisition includes over 10,000 NVIDIA H100 Tensor Core GPUs owned by Damoon, contributing to Northern Data’s portfolio of more than 18,000 GPUs.

This enhances the capabilities of Taiga Cloud, Northern Data’s Cloud division, positioning it as Europe’s premier Generative AI Cloud Service Provider. The deployment of these advanced GPUs meets the growing demand for Generative AI applications across Europe.

Aroosh Thillainathan, Founder and CEO of Northern Data Group, said: “Through the acquisition of Damoon, we have made outstanding progress in the realisation of our cloud strategy.”

The acquisition’s completion follows regulatory clearances and the confirmation by a court-appointed independent auditor of the fair value of the contributions in kind.

Thillainathan also announced his commitment to further invest in Northern Data by purchasing shares worth up to £25.6 million (€30 million) through a pre-set share purchase plan. Thillainathan’s current stake in Northern Data Group is 2,761,316 shares.

The total number of fully diluted, outstanding Northern Data Group shares, following the completion of the Damoon acquisition and including the underlying shares for the outstanding mandatory convertible bond, which has not been converted yet, is 53,497,231.

Thillainathan added: “In 2024, we expect to continue our dynamic development and actively seize market opportunities to drive the next era of tech-advancement.”

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