GiG pays €45 million to Catena Media to acquire AskGamblers.

The first quarter of 2023 is anticipated for closure, with €20 million to be paid in cash at that time, €10 million a year later, and the remaining €15 million 24 months later.

For the first nine months of 2022, the acquired websites brought in €12.9 million in revenue and €8.4 million in EBITDA. GiG anticipates that the properties will have an EBITDA margin of between 60 and 70% in the future.

GiG Media Director of Business Development Morten Hillestad stated, "The time was ripe to act when this acquisition opportunity emerged, having spent the last three years consolidating and growing the GiG Media business and realising strong annual organic growth."

Since GiG Media has built exceptional operational and marketing technologies over the years, we believe that integrating the AskGamblers brand into the corporate framework will provide it many chances to grow.

A Share Purchase Agreement (SPA) between GiG and its subsidiary Innovation Labs, a division of GiG Media, is used to structure the deal, which entails the purchase of Catena Publishing in Malta and Catena Media D.O.O. Beograd in Serbia.

GiG has committed to participate in both the share issue and the revolving credit facility (RCF), securing sufficient financing to complete the transaction at closing. GiG will finance the initial consideration through a combination of its own cash, the RCF, and a share issue.

"Today's agreement is a major step in our journey to focus the business on online sports betting and casino affiliation in high-growth, regulated markets in the Americas," stated Michael Daly, CEO of Catena Media. 

"I'm sure we've found a buyer in GiG who will create a solid environment for AskGamblers and the other brands, as well as their talented employees, to grow and thrive."