Catena Media agrees on amended terms for assets acquired in December 2017
July 9th, 2019 13:05 CEST
"By amending the final earn-out terms we are both obtaining full operational control at an earlier stage as well as lowering the final and total cost of the BayBets acquisition. We are thereby avoiding further dilution as well as strengthening our balance sheet."
– Per Hellberg, CEO Catena Media
The final cost of the assets will conclude at a lower level compared to the previous agreement. Through the amended terms Catena Media obtains full control of the German assets (except for certain secondary assets that are transferred back to BayBets Ltd) earlier than originally contemplated, and cost certainty.
As announced on 4 December 2017, Catena Media acquired all affiliate related assets in BayBets Ltd, one of Europe’s leading affiliate marketing players in the sports betting segment, with a total of 50 websites, primarily focused on the German market. The purchase price amounted to an upfront payment of EUR 26.5 million.
The first earn-out was approximately EUR 13.5 million of which thirty-five percent was paid in shares. As announced on 13 February 2019, the board of directors of Catena Media resolved upon a directed new issue of 468,132 shares at a subscription price of SEK 103.67 per share, as payment representing the thirty-five percent.
Consequently, the upfront payment of EUR 26.5 million, the first earn-out payment of approximately EUR 13.5 million and the second earn-out payment of approximately EUR 13 million, amounts to a final total consideration of approximately EUR 53 million for the BayBets portfolio.
For further information, please contact:
Per Hellberg, CEO, Catena Media plc
Phone: +46 709 10 74 10, E-mail: [email protected]
Åsa Hillsten, Head of IR & Communications, Catena Media plc
Phone: +46 700 81 81 17, E-mail: [email protected]
This is information that Catena Media plc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 9 July 2019 at 13.05 CET.
Being one of the leading actors in lead generation, BayBets core business is developing and maintaining comparison sites for the iGaming industry by driving traffic through high quality content and offers. BayBets portfolio includes sites such as sportwetten.org and sportwette.net, and the business is concentrated on the German-speaking (DACH) markets. The acquisition of BayBets is proceeding according to plan and is generating business in line with initial expectations.
About Catena Media
Catena Media provides companies with high-quality online lead generation. Through strong organic growth and strategic acquisitions, Catena Media has since 2012 established a leading market position with approximately 390 employees in the US, Australia, Japan, Serbia, UK, Sweden, Italy and Malta (HQ). Total sales in 2018 reached EUR 105.0m. The company is listed on Nasdaq Stockholm Mid Cap. Further information is available at www.catenamedia.com
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