Bragg to sell online media division to SN&CK
Published 5th May 2020
Under the deal, Bragg will receive a total consideration of up to £400,000 (€454,013/$496,427). This will comprise an upfront cash payment of £50,000 upon completion, in addition to 10% of the gross revenue from the division for a period of 21 months after the sale.
Bragg launched a strategic review of its online media arm in August of last year, with a view to selling off the unit, which also includes GiveMeBet, to focus on its B2B operations. Bragg entered the B2B space through the acquisition of igaming content aggregator Oryx Gaming.
The board of directors at Bragg has approved the sale of the business and subject to customary conditions of closing, Bragg expects the deal to be completed early this month.
“The completion of the strategic review process and the execution of the agreement for the sale of Bragg’s online media division to SML will allow us to focus our efforts and resources on Oryx, our B2B business, which is growing at an exponential rate,” Bragg chief executive Dominic Mansour said.