Better Collective acquires assets of Catena Media

Better Collective has announced that it acquires at least 5% of assets in Catena Media. 

Assets acquisition

Information on the acquisition of assets has appeared after market close on the NASDAQ Stockholm exchange on which both, Better Collective and Catena Media, are quoted. Transaction isn’t a big surprise after Catena Media engaged Carnegie Investment Bank as its financial advisor at the beginning of this month.

Based on the market capitalization of Catena Media, the entire purchase is valued for at least $10 million. Better Collective is satisfied with the deal but does not want to comment further on the matter. In turn, the Carnegie Investment Bank will continue its role in identifying strategic options in the sale of the remaining assets.

Operations of Catena Media

Last December, Catena Media agreed to sell AskGamblers to Gaming Innovation Group (GiG) for €45 million. The transaction was finalized on January 31, 2023. In addition, the affiliate giant has laid off 25% of its employees over the past few months.

It is worth adding that it is not a good time for Catena Media. A year ago, the stock price was $5.15. It is currently as low as $2.81, even after a slight rebound.