MARA Holdings (MARA) has agreed to acquire Longridge Energy & Power in a deal valued at approximately $1.5 billion. MARA will also assume at least $785 million in debt backed by bridge loans.
Seller FTAI Infrastructure (FIP) is up 12% in pre-market trading. MARA leads by 3%.
The deal includes Longridge’s 505-megawatt combined cycle gas plant in Hannibal, Ohio, as well as more than 1,600 acres of land, water access, fiber links, fuel supply and grid connections, according to Thursday’s filing.
MARA said the site could support more than 1 gigawatt of total power capacity in the long term.
MARA said the acquisition will increase its owned and operated power capacity by approximately 65% and expand its operating and development pipeline to approximately 2.2 gigawatts across PJM, ERCOT, SPP and international markets.
MARA will begin building initial AI and critical IT in the first half of 2027, with initial capacity expected to be completed in mid-2028. The company said it has no plans to reduce Longridge’s current power supply to the PJM power grid.
The company expects the Longridge assets to increase annual adjusted EBITDA by approximately $144 million. The deal is expected to close in the second half of 2026.
