XLMedia prepares to close after asset sale
XLMedia has set out a timeline for the wind-down process following the sale of its assets to Sportradar and Gambling.com Group. The company will distribute capital to shareholders and wind down by mid-2025.
Board Oversight to Mid-2025
The current XLMedia board will remain in place until 30th June 2025 to oversee the final stages. Key board members including the independent chair, senior director and CEO will step down after their notice periods have expired. This will ensure an orderly wind-down and maximise shareholder returns.
XLMedia’s general counsel, Peter McCall, will join the board in January 2025 to oversee the remaining transition and wind down. Other board members, such as Cédric Boireau, will remain in place during this time to provide stability.
Capital Distribution Plan
The company will distribute its remaining capital through an initial tender offer of up to £16m in 2025, which is around 50% of the company’s market cap. This follows asset sales in Europe and North America which have generated $20m and additional payments expected by April 2025. The business also expects earnout payments of $3m to $5m although the final amount will depend on performance metrics.
No further M&A or investments, XLMedia will focus on cost management and winding down the sold assets. Liabilities to be cleared from these transactions will be $11m to $13m.
