Better Collective has announced it has acquired a minimum position of 5% in Catena Media.
Better Collective has said it will not comment any further on the acquisition.
The news broke after market closure on the NASDAQ Stockholm stock exchange, on which both Better Collective and Catena Media are listed.
This news comes after it was announced that Catena appointed Carnegie Investment Bank AB as a financial advisor earlier this month. In this role, Carnegie will assist Catena in determining its 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 the affiliate company.
Sale of AskGamblers
In December 2022, Catena Media agreed to sell AskGamblers to Gaming Innovation Group (GiG) for €45.0m, after iGB in November reported that a deal to offload the flagship brand was close to completion.
The sale was completed yesterday (31 January).
This occurred after 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 had been laid off as part of the process.
Catena recently announced record revenue from the Ohio sports betting launch, which went live on 1 January 2023.
The group also recently announced a policy to repurchase shares on the Nasdaq Stockholm stock exchange to return value to shareholders.