Catena Media, a prominent iGaming affiliate, has finalized the sale of its Italian sports and casino assets in two transactions totaling EUR 19.8 million ($21.7 million). After just announcing its Q3 results, the company has been undergoing a business overhaul for more than a year.
One of the deals has closed, with the other expected to be completed in the coming weeks. The total purchase prices for the sales are paid in three installments. In October and November 2023, Catena Media received EUR 12.8 million ($14 million), and it is slated to receive two tranches of 3.5 million ($3.8 million) in Q4 2024 and Q2 2025.
The proceeds from the sales will enable Catena Media to repay debt and decrease its leverage ratio. However, the transactions will also result in an impairment charge of EUR 2.7 million ($3 million).
The decision to divest the aforementioned assets aligns with Catena Media’s strategic review and restructuring process. The company is reassessing its priorities as it aims to concentrate on more stable and profitable markets.
Michael Daly, CEO of Catena Media, expressed satisfaction with the outcome of the divestment, stating that the company’s focus will now be on capturing opportunities in regulated markets in the Americas.
Additionally, Catena Media announced the completion of its strategic business review, which began in May 2022, to enhance its operational focus on the American markets.
The divestments included the sale of its AskGamblers division, Italian, UK, and Australian assets, among others. Once it has fully received the proceeds, Catena Media will have generated a substantial EUR 76 million ($83.2 million) from the sales, which will be used to repay debts and strengthen its balance sheet.
Daly emphasized the positive impact of the divestments on the company’s financial position and affirmed their commitment to capturing long-term growth opportunities ahead.
In other developments, Catena Media recently joined forces with five other affiliates to establish the Responsible Gambling Affiliate Association.