Catena appoints Carnegie Investment to advise on possible sale of remaining assets

By Robert Fletcher

Affiliate giant Catena Media has appointed Carnegie Investment Bank AB as financial advisor to assist the business in assessing strategic options for the potential sale of the remainder of its business.

Under the arrangement, Carnegie will participate in talks with third parties that have shown interest in acquiring certain assets from Catena.

Last month, the affiliate agreed to sell off AskGamblers to Gaming Innovation Group for €45.0m (£39.7m/$48.3m), after iGB in November reported that a deal to offload the flagship brand was close.

This emerged following a strategic review that launched in May of last year, in which Catena explored the possibility of a sale.

This review was later expanded as Catena considered divesting all its European betting and igaming assets in order to focus on North American markets, with the business having confirmed that 25% of all its European staff base was laid off as part of the process.

Catena said it has received interest from third parties in acquiring other parts of the group via either a strategic transaction or through a public tender offer for the group.

However, it also said it is yet to receive a firm or indicative bid for the business or any of its assets.

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