Catena agrees sale of Italian gaming affiliate business
The company has sold its Italy-facing operations for close to €20m.
Italy.- The gaming affiliate group Catena Media says it has reached agreements to sell its Italy-facing operations for €19.8m. The sale, which includes the Superscommesse brand, follows the company’s strategic review, under which it decided to reduce its assets in Europe to focus on the North American market.
The Italian operations are being sold to two different buyers, with Oddschecker identified as the buyer of Superscommesse. Catena says that one of the deals has already been completed while the other will close by the end of the year.
The aggregate purchase prices for the sales will be paid in three tranches: €12.8m due in October and November 2023, €3.5m in the first quarter of 2024 and €3.5m in Q2. The entire Italian operation generated €7.8m in revenue and EBITDA of €3.4m in the 12 months ending September 2023.
CEO Michael Daly said: “We are pleased today to have secured a positive outcome for our Italian brands. We believe their new ownerships will provide them with the right environment to prosper and grow.”
Catena has sold €76m in assets since launching its strategic review as it sought to streamline its business. That included the sale of AskGamblers to GiG almost a year ago. Catena is using sale proceeds to repay debt and reduce its leverage ratio. Through a series of deals, the group now has a presence in 27 US states and Canadian provinces.
Last month, Catena Media announced the appointment of Pierre Cadena as VP of corporate strategy. He will be responsible for developing corporate strategy and supporting execution.
