Better Collective Acquires Stake in Catena Media

Better Collective has declared that it has obtained a minimum of 5% of Catena Media’s stock.

Better Collective refused to provide additional details regarding the purchase.

The company revealed this information after the conclusion of trading on the Nasdaq Stockholm Stock Exchange, where both Better Collective and Catena Media are listed.

Previously, Catena Media announced the appointment of Carnegie Investment Bank AB as its financial advisor. Carnegie will assist Catena in determining strategic choices for the disposal of its remaining operations.

According to the agreement, Carnegie will engage in discussions with third parties who are interested in acquiring portions of the subsidiary’s assets.

In December 2022, Catena Media agreed to sell AskGamblers to Gaming Innovation Group (GiG) for €45 million, following a report by iGB in November that a deal to sell the leading brand was imminent.

The transaction was finalized yesterday (January 31).

This development follows a strategic review initiated last May, during which Catena explored the possibility of a sale.

Catena is contemplating the sale of its European wagering and online gaming ventures to concentrate on the North American market. They’ve divulged that as part of this, they’ve discharged 25% of their European workforce.

Catena recently declared record earnings from the introduction of sports betting in Ohio, which commenced on January 1st, 2023.

The organization also recently disclosed their intention to repurchase some of their own stock on the Nasdaq Stockholm Stock Exchange to return funds to their shareholders.

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