Catena Media plc announces today that it has entered into agreements to sell its Italy-facing online sports betting and online casino businesses for a total of €19,8 million to two separate buyers.
The transactions cover the sale of Catena Media's Italian sports and online casino brands and related assets and mark the group's exit from the Italian market. One of the transactions has been completed and the other will close in Q2023 XNUMX.
The aggregate purchase prices of the sales are paid in three tranches: EUR 12,8 million in October and November 2023, 3,5 million in the fourth quarter of 2024 and EUR 3,5 million in the second quarter of 2025.
The proceeds from the sale will be used primarily to repay debt, thereby reducing Catena Media's leverage ratio. The transactions will give rise to an impairment charge of EUR 2,7 million.
Catena Media's Italian sports betting and casino brands generated combined revenues in the 12 months from October 2022 to September 2023 of approximately €7,8 million and EBITDA of €3,4 million.
The sale of the Italian brands and assets was carried out as part of the strategic review announced in May 2022 and aligns with the group's focus on high-growth regulated markets, primarily in the Americas. It will allow Catena Media to further streamline operations and redeploy capital into core focus areas.
Michael DalyMore, CEO of Catena Media, said: “We are delighted today to have achieved a positive result for our Italian sports betting and casino brands. We believe their new properties will provide them with the right environment to thrive and grow. The sales further strengthen our strategic focus and strengthen our financial position, allowing us to further streamline operations and redeploy capital across our core areas as we double down on capturing expanding opportunities in regulated markets in the Americas.”
