In a $1.5 billion deal, MARA Holdings has entered into an agreement to purchase Long Ridge Energy & Power, with plans to assume approximately $785 million in debt backed by a bridge loan. The transaction has resulted in a 12% increase in pre-market trading for the seller, FTAI Infrastructure, and a 3% rise for MARA Holdings.
The acquisition encompasses Long Ridge's 505-megawatt gas plant in Ohio, along with substantial land, water, and fiber resources, supporting a potential 1 gigawatt of power capacity. MARA Holdings anticipates the acquisition will increase its owned power capacity by about 65% and expand its development pipeline to roughly 2.2 gigawatts across various markets. Construction on the initial AI and critical IT infrastructure is slated to commence in the first half of 2027, with the first phase expected to be operational by mid-2028.
The acquisition is projected to contribute approximately $144 million in annual adjusted EBITDA, with an expected closure in the second half of 2026.