Hut 8 Mining officials say the Ontario Superior Court of Justice has given them the go-ahead to acquire the assets of Validus Power.
The company submitted the takeover bid in partnership with Macquarie Equipment Finance Limited. In a press release, officials say a new Ontario subsidiary BidCo will own 80 per cent of power plants in Kapuskasing and Iroquois Falls, while Macquarie has 20 per cent.
The deal is expected to be completed in mid-February. Power plants in Kingston and North Bay are also included in the deal as well as a Bitcoin mine.