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Innovation Beverage plans to acquire BlockFuel and enter the Bitcoin mining market.
Odaily News Nasdaq-listed company Innovation Beverage announced that it has signed a non-binding letter of intent for a merger transaction with BlockFuel Energy Inc. (BlockFuel) based in Texas, USA, planning to acquire the company through a Reverse triangular merger. Upon completion of the transaction, Innovation Beverage will enter the North American high-performance data center and Bitcoin Mining market. The acquisition amount has not been disclosed, but it is reported that the new company's valuation after the merger is between $220 million and $343 million. (Globenewswire)