Catena to grow US presence with i15Media
Published 8th January 2020
Under the deal, Catena will have the option to provide i15Media with affiliation activities in relation to companies or assets that the investment company may acquire.
Catena will also have first refusal if i15Media decides to divest such assets or companies.
“I’m pleased to secure the sellers valuable knowledge and network in the important US market through this extended partnership,” Catena’s chief executive Per Hellberg said.
“We now enter a new phase in our journey as entrepreneurs and looking forward to do so with rapid growth and strong relationships with Catena Media.”
The new deal builds on an existing relationship between Catena, and Grove and Kendall, whereby Catena acquired certain US assets in New Jersey and Nevada from the entrepreneurs.
Catena in October last year confirmed that it had taken over the assets.
Last month, Catena said the final earn-out payment for the agreement had been amended to $19.4m (£14.8m/€17,4m) in cash, 30% of which will be paid in April this year and 70% through a share issue.
“We are pleased with this amended agreement and happy to successfully have taken over and integrated the US assets in order to continue our fast-pace journey of growth in the US market,” Hellberg said.