Catena Media intends to divest its UK and Australian online sports betting labels to Moneta Communications, a sports betting affiliate located in the UK, for a sum of €6 million.
The transaction encompasses all assets linked to Catena Media's UK operations, encompassing well-known sports betting brands such as Squawka and GG.co.uk. Additionally, it incorporates the transfer of complete ownership of the company's subsidiary in Australia. The closure of this agreement is anticipated to take place during the third quarter of 2023.
The consideration for this deal amounts to €5.8 million, to be remitted in cash, with the remaining €0.2 million scheduled to be paid within the ensuing 75 days. A substantial portion of the proceeds garnered from this sale will be allocated to the reduction of debts, thereby leading to a decrease in the group's leverage ratio.
The transaction encompasses all assets linked to Catena Media's UK operations, encompassing well-known sports betting brands such as Squawka and GG.co.uk. Additionally, it incorporates the transfer of complete ownership of the company's subsidiary in Australia. The closure of this agreement is anticipated to take place during the third quarter of 2023.
The consideration for this deal amounts to €5.8 million, to be remitted in cash, with the remaining €0.2 million scheduled to be paid within the ensuing 75 days. A substantial portion of the proceeds garnered from this sale will be allocated to the reduction of debts, thereby leading to a decrease in the group's leverage ratio.
