Bitcoin mining company Riot Blockchain, Inc. (RIOT) recently revealed that it has acquired an engineered electrical equipment solutions provider, Ferrie Franzmann Industries, LLC, also known as ESS Metron, for $50 million. Following the news, shares of the company dropped 4.7% on Wednesday. The stock, however, pared its losses by 1.8% to close at $36.24 in the extended trading session. The company will finance the acquisition through 715,413 shares of Riot common stock and $25 million in cash. Implications of the Deal With the acquisition, Riot Blockchain will be able to gain access to highly engineered electrical equipment solutions, which are imperative for successfully deploying Bitcoin mining operations at scale.
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Riot Blockchain (NASDAQ:RIOT)
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