Rumble Clinches Northern Data: GPU Assets, UAE Approval, and a Final Chance for Holders

Rumble's takeover of Northern Data nears completion with 77% shares secured, final tender window May 15–June 1. Holders must act to avoid illiquid shares.

Northern Data’s 22,000 graphics processing units, running at 85% capacity, are the prize at the heart of Rumble’s takeover push. The video and cloud platform operator has now secured roughly 77% of the target’s shares, cleared the last regulatory obstacle—approval from the United Arab Emirates’ Ministry of Economy on April 29, 2026—and set the stage for a definitive closing in mid-June. Once that happens, Northern Data will vanish from the Frankfurt Freiverkehr listings within days.

The ownership math came together through support agreements with major holders Tether and Apeiron, plus tenders from the public float. Rumble is offering 2.0281 of its own Class A shares for every tendered Northern Data share, and has made clear this is the final price. No minimum acceptance threshold was set, so the 77% level gives the acquirer effective control without needing more. The exchange ratio will not be raised.

For those who have not yet acted, the next window opens on May 15 and runs through June 1, 2026. Rumble will publish the detailed results of the initial acceptance period in mid-May, and the second period will be the last chance to participate. There will be no separate compensation offer. Investors who fail to tender will be left with shares that lose their liquidity and price transparency almost immediately after the transaction closes.

Operationally, Northern Data brings substantial infrastructure to the combined group. Its Taiga Cloud subsidiary operates one of Europe’s largest GPU clusters. Ardent Data Centers has around 250 megawatts of installed or planned capacity across eight global sites, with completion targeted by 2027. For the current fiscal year, management forecasts revenue of €130 million to €150 million, and the company ended the first quarter with roughly €58 million in cash.

The stock recently traded at €13.54, down about 1.5% on the day but up approximately 54% over the past month as deal momentum built. The longer-term picture is less flattering: the shares are still slightly negative year-to-date and well off their 12-month highs, hovering just below the long-term moving average. With the offer live, the valuation is now tightly linked to Rumble’s own share price.

Strategically, the combination of Northern Data’s GPU infrastructure with Rumble’s video and cloud platforms targets the acute shortage of high-performance compute capacity. The tie-up is ambitious given the capital-intensive nature of data center build-outs, but Rumble gains immediate access to assets that are both scarce and in demand. After closing, Rumble has said it will not enter a domination or profit transfer agreement for at least three years.

For remaining shareholders, the deadline is firm. Once the second acceptance window closes on June 1 and the deal is consummated, Northern Data will cease to be a publicly traded entity. Holders who have not tendered will own a security with no market, no mandated buyout, and no further opportunities. The final decision rests on the next few weeks.