Tether-backed Rumble, Northern Data Said Close to Merger (1)

Rumble Inc. is pushing ahead with an all-share offer to buy German data center company Northern Data AG, with the deal set to value the target at less than its $894 million current market capitalization, according to people familiar with the matter.

The companies, which are both backed by stablecoin issuer Tether Holdings Ltd, could announce the agreement in the coming days, the people said, declining to be identified because the information is private. If successful, the deal would boost Rumble’s bid to become a cloud-computing provider.

Northern Data shareholders will receive a lower stake than under initially ...