We are advising IREN on the transaction

Davis Polk is advising IREN Limited on its acquisition of Mirantis, Inc. The transaction consideration will be paid in IREN ordinary shares, representing an aggregate value of approximately $625 million at signing. Closing remains subject to customary conditions, including required regulatory approvals.

IREN is a vertically integrated artificial intelligence (AI) cloud provider, delivering large-scale data centers and graphics processing unit (GPU) clusters for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across the United States and Canada.Mirantis delivers the fastest path to enterprise AI at scale, with full-stack AI infrastructure technology that removes GPU infrastructure complexity and streamlines operations across the AI lifecycle, from metal-to-model. Mirantis provides end-to-end automation, enterprise security and governance, and deep expertise in Kubernetes orchestration that organizations need to reduce time to market and efficiently scale cloud native, virtualized and GPU-powered applications across any environment: on-premises, public cloud, hybrid or edge. Mirantis serves many of the world’s leading enterprises, including Adobe, Ericsson, Inmarsat, MetLife, PayPal and Societe Generale.

The Davis Polk corporate team includes partner Lee Parnes and associate Yoel Levi. Partner Marcel Fausten is providing capital markets advice. Partner Travis Triano is providing executive compensation advice. Partner Ben Joseloff is providing regulatory advice. Partner Patrick E. Sigmon is providing tax advice. Partner Matthew J. Bacal and associate Lachlan J. Forrester are providing intellectual property advice. Partner Matthew Yeowart is providing ex-U.S. regulatory advice. Partner Sheila R. Adams James is providing U.S antitrust advice. Members of the Davis Polk team are based in the New York and London offices.

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