Applied Digital to Divest Garden City Campus for About $87.3m

Applied Digital agrees to sell its Garden City campus to Marathon Digital Holdings for a gross purchase price of $97.3 million after adjustments.

• Net purchase price of about $87.3 million
• Transaction will release $12 million of restricted cash previously committed as collateral for the site’s letter of credit
• Divestiture reflects strategy to focus on strategic HPC sites in North Dakota
• The 200 megawatt campus is in Texas
• Expected to close in 2Q of calendar 2024

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Lara Sanli in New York at lsanli@bloomberg.net

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