PANews reported on November 10th that, according to Bloomberg, sources familiar with the matter revealed that Rumble Inc. is pushing forward with its plan to acquire German data center company Northern Data AG in an all-stock transaction, valuing the target company at less than its $894 million market capitalization. Both companies are backed by stablecoin issuer Tether and are expected to announce the agreement in the coming days. If the deal goes through, it will help Rumble become a cloud computing service provider.

It is understood that Northern Data shareholders will receive a lower percentage of equity compared to the initial proposal. Rumble is considering reducing the share exchange ratio, proposing to exchange one Northern Data share for approximately two Rumble shares, down from the 2.319 shares offered in August. As part of the deal, Tether will relinquish most of its €575 million loan to Northern Data and may assume its potential tax liabilities, as well as potentially provide it with power supply commitments. The deal was originally planned to create a merged entity with a market capitalization of approximately $4.5 billion, with Northern Data shareholders holding one-third of Rumble's shares. However, due to the recent sharp drop in share price, the new entity's market capitalization will fall to $2.9 billion at current prices.