Rumble's Takeover of Northern Data Hinges on UAE Approval as GPU Assets Take Center Stage

Northern Data's acquisition by Rumble hinges on UAE regulatory clearance by Dec 31, 2026, with Tether backing the deal via GPU services and financing.

The clock is ticking for Northern Data shareholders as the company's proposed acquisition by US media and cloud platform Rumble moves into its final phase. While German regulators have already signed off on the share exchange prospectus, a critical hurdle remains: clearance from competition authorities in the United Arab Emirates.

That approval must come through by December 31, 2026, or the entire process risks being derailed. For investors who miss the regular acceptance window, a secondary offering period runs from May 15 to June 1, offering a last chance to participate in the deal before shares are pulled from public trading.

The Hardware Driving the Deal

At the heart of the transaction lies Northern Data's extensive European GPU network, operated through its Taiga Cloud division. The unit runs more than 22,000 graphics processors, with utilization rates hitting a robust 85 percent in March 2026. That computing firepower is what makes the company attractive to Rumble, which is building out an integrated AI and cloud platform.

Complementing the GPU assets is Ardent Data Centers, which boasts roughly 250 megawatts of installed or planned capacity across eight global locations, with full deployment targeted by 2027.

Tether's Pivotal Role

Stablecoin issuer Tether sits at the center of the deal's financial architecture. The company is not only a major shareholder in both Northern Data and Rumble but has also committed to purchasing GPU services worth up to $150 million over two years once the merger closes. Those services will be drawn directly from Northern Data's existing clusters.

Tether is also deeply embedded in the deal's financing structure. Upon completion, Rumble will assume Northern Data's shareholder loan of approximately €610 million from Tether, converting it into an intra-group liability. Alongside Northern Data co-CEO Aroosh Thillainathan and another major stakeholder — together controlling roughly 72 percent of shares — Tether has agreed to tender its holdings under the offer terms.

Additionally, $100 million in advertising contracts with Rumble are tied to the transaction, further cementing the relationship between the three entities.

Operational Momentum

Despite the regulatory uncertainty, Northern Data's underlying business continues to perform. First-quarter 2026 revenue is projected to land between €40 million and €42 million, with adjusted EBITDA ranging from €10 million to €15 million. For the full year, management targets sales of €130 million to €150 million.

The company had already pivoted away from its Bitcoin mining roots, selling off that legacy business to focus entirely on artificial intelligence. Cash reserves stood at €58 million, providing a buffer as the merger process plays out.

Shares traded at €12.15 on Tuesday, up roughly 48 percent from an April low of €8.21 but still well below the June 2025 peak of nearly €29. Year-to-date, the stock remains down about 14 percent.

What Happens Next

If the UAE green light arrives on time, the combined entity will merge Rumble's media and advertising network with Northern Data's GPU infrastructure, creating a vertically integrated AI and cloud services provider. The merger is expected to close in the second quarter.

But for shareholders who choose to hold their positions past the delisting, the outlook is grim. Once Northern Data shares vanish from over-the-counter trading, liquidity will dry up and price transparency will all but disappear. The management has made clear this is a final chapter — there will be no second act on the public markets.