Catena Media offloads Italian business in €19.8 million deal
Catena Media plc today announces it has entered into agreements to sell its Italy-facing online sports betting and casino assets for EUR 19.8 million to two different buyers.
The transactions together cover the sale of Catena Media’s Italian online sports and 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 is due to complete in Q4 2023.
The aggregate purchase prices for the sales are paid in three tranches: EUR 12.8 million in October and November 2023, EUR 3.5 million in Q4 2024, and EUR 3.5 million in Q2 2025.
Sale proceeds will primarily be used 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 revenue in the 12 months from October 2022 to September 2023 of approximately EUR 7.8 million and EBITDA of EUR 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 streamline operations further and redeploy capital into core focus areas.
Catena Media CEO Michael Daly said: “We are pleased today to have secured a positive outcome for our Italian sports betting and casino brands. We believe their new ownerships will provide them with the right environment to prosper and grow. The sales further sharpen our strategic focus and strengthen our financial position, allowing us to streamline operations further and redeploy capital into our core areas as we double down on capturing expanding opportunities in regulated markets in the Americas.”