The transaction is valued at roughly $1.17 billion. Under the terms of the offer, each Northern Data share would be exchanged for 2.319 newly issued shares of Rumble. The potential deal would result in around 33.3% total pro forma ownership in Rumble for Northern Data shareholders, Rumble said.

Rumble, the video-sharing and cloud services company backed by Tether, is considering a major takeover of Germany-based computing group and bitcoin miner Northern Data in a deal that could be worth around €1 billion ($1.