Rumble Inc. (NASDAQ: RUM) launched an exchange offer to acquire all outstanding shares of Northern Data AG on April 13. The tender offer period runs until May 9, 2026.

Under the exchange offer, each Northern Data shareholder will receive 2.0281 newly issued shares of Rumble Class A common stock for each Northern Data share tendered. The offer has no minimum acceptance threshold.

Rumble has secured commitments for approximately 72% of Northern Data's outstanding shares. Northern Data's management board and supervisory board intend to support the offer.

The proposed combination would unite Rumble's video platform and cloud services with Northern Data's GPU assets and data center infrastructure. Northern Data AG (ETR: NB2) operates GPU clusters for high-performance computing in Europe and has approximately 250MW of power deployed across ten global data centers planned by 2027.

Tether has made investments totaling nearly $1 billion across Rumble's platform, including a $775 million strategic investment in February 2025 and a $100 million commitment to Rumble's advertising business over two years. Conditional upon closing, Tether has committed to leverage Rumble's GPU services for its AI division.

The offer is subject to regulatory approvals and other customary closing conditions. Northern Data shares will be delisted promptly following the closing of the tender offer. Shareholders who do not tender their shares will continue to hold Northern Data shares but face reduced liquidity and price transparency after delisting.

The Rumble Class A common shares have been included for trading on the Frankfurt Stock Exchange's regulated unofficial market by a third party.