Core (CRWV) agreed to acquire Bitcoin Miner Core Scientific (Corz) In an All-Stock agreement worth $ 20.40 per share, involving a multiple EBITDA ~ 16x Fy26e, a drop in the peers of the traditional data center, according to the investment bank KBW.
Basic scientific shares were 18% down, negotiating about $ 14.75 at the time of publication. Coreweave’s stock was down 5%.
Although the agreement offers strategic advantages of Coreweave, reducing more than $ 10 billion in rental bonds and unlocking more than $ 500 million in annual savings by 2027, KBW considers it as an opportunistic decision, capitalizing on the post-contributions of 295% CRWV, the bank said in a report on Monday.
“Although we consider this as an opportunistic attempt by the CRWV to capitalize on the recent assessment of the actions, the reaction signals the disappointment and the potential disagreement of the terms of the agreement,” wrote analyst Bill Papanastasiou.
Under the terms of the agreement, basic scientific shareholders will receive 0.1235 Coreweave shares for each action held, evaluating the company at around $ 9 billion.
The agreement requires the approval of the main scientific shareholders and should end in the fourth quarter of 2025.
Basic scientific shareholders can push the terms of the agreement, noted the analyst, given the base of assets unchanged since the first offer and the absence of CRWV cash. The “shareholders’ vote can see the friction”.
However, without the expected competing offer, the agreement should continue, according to the report.
KBW has a rating of “outperformance” on basic scientific actions with a price target of $ 19.
The rival Wall Street rival firm, Bernstein, noted the drop in the basic course of scientific action after the announcement of the agreement and said that “shareholders were likely to expect a higher assessment” and “investors were disappointed by an agreement on all actions”.
The broker has an outperformance rating on basic scientific actions with a price target of $ 17.
Find out more: Core Scientific, Bitcoin minors fall on the acquisition of Coreweave; Jefferies says the price in the expected range
