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Tuesday, February 7, 2023

Catena Media to Divest AskGamblers Business

Catena Media Plc has confirmed that a fully owned subsidiary of Gaming Innovation Group Inc., has agreed to purchase Catena Media Plc’s AskGamblers company and related global casino brands. Catena Media Plc will sell its AskGamblers business and related casino brands for EUR 45 million in cash and debt-free terms.

The arrangement, according to Catena Media, is a significant milestone in the company’s plan to concentrate on online sports betting and casino affiliation in the Americas’ high-growth, regulated areas. The CEO of the company thought that Gaming Innovation Group would be a good buyer who would support the growth and development of AskGamblers, the other brands, and their outstanding staff.

Furthermore, Gaming Innovation Group’s CEO, Richard Brown, said: “We are overjoyed to take ownership of the AskGamblers brand. Expanding our worldwide reach and giving AskGamblers a way to continue its robust evolution are made possible by fusing it with our media technologies and operational capabilities. We are eager to incorporate the personnel and website resources into GiG.”

Transaction Details

The acquisition price will be paid in three installments of cash, with the first 20 million euros to be paid at closing, the second 10 million euros after closing, and the final 15 million euros after closing. As of October 31, 2022, the intangible assets of the divested companies had a consolidated net book value of EUR 27.2 million.

The operations indicated a double-digit fall in sales to EUR 12.9 million in the first nine months of 2022. EBITDA for the same period came to 8.4 million euros, or 6.2 million euros when central group overheads are included. Additionally, the sale of Catena Media’s two fully-owned companies in Malta and Serbia, which run the AskGamblers brand and its affiliated online casino brands JohnSlots and NewCasinos, is anticipated to close in Q1 2023.

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