Bitnile holdings' subsidiary agrees to purchase assets of circle 8 crane services

Las vegas--( business wire )--bitnile holdings, inc. (nyse american: nile), a diversified holding company (“bitnile” or the “company”), announced today that circle 8 newco llc (“circle 8 newco”), a newly formed indirect subsidiary of ault alliance, inc. (“ault alliance”), a wholly owned subsidiary of the company, has entered into an asset purchase agreement (the “agreement”) with circle 8 crane services llc (“circle 8”), providing for the acquisition of substantially all of circle 8's operating assets (the “assets”) and recapitalization of the business into circle 8 newco for an aggregate consideration of approximately $40 million (the “acquisition”). the acquisition will be funded with $16 mm in cash and approximately $24 mm of asset-based debt will be assumed.
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