The Better Collective group has disclosed that it has obtained a minimum of 5% of Catena Media’s stock.
Better Collective has declined to provide additional information regarding the acquisition.
The organization revealed this information after the conclusion of trading on the Nasdaq Stockholm Stock Exchange, where both Better Collective and Catena Media are listed.
Previous reports indicated that Catena had engaged Carnegie Investment Bank AB as a financial consultant earlier this month. In this capacity, Carnegie would assist Catena in identifying strategic options for the disposal of its remaining operations.
According to the agreement, Carnegie will participate in discussions with external entities interested in acquiring specific assets of the joint venture.
In December 2022, Catena Media agreed to sell AskGamblers to Gaming Innovation Group (GiG) for €45 million. This followed reports in November by iGB that a transaction to sell its primary brand was imminent.
The sale was finalized yesterday (January 31st).
This follows a strategic assessment initiated last May, during which Catena explored the possibility of a sale.
Catena is concentrating its efforts on North America and is divesting its European wagering and online gaming operations. This implies that a quarter of its European workforce has been laid off.
Catena recently announced record earnings from the introduction of sports betting in Ohio, which commenced on the first of January, 2023.
The enterprise is also repurchasing its own stock on the Nasdaq Stockholm Stock Exchange to return funds to its shareholders.
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