A major iGaming entity, Catena Media, has substantially expanded its footprint in the German sports wagering sector through the purchase of Baybets Limited. The transaction, appraised at €26.5 million, comprises an initial disbursement of €13.25 million in cash and a corresponding sum in newly minted Catena Media stock.
The arrangement further encompasses a performance-based earn-out provision linked to Baybets’ results over the ensuing two years. This stipulation could potentially elevate the overall acquisition expenditure by an extra €6.5 million.
Baybets, projecting quarterly earnings of €2.25 million and a noteworthy operating margin nearing 70%, contributes a strong assortment to Catena Media. The integration will see all 23 Baybets personnel absorbed into Catena’s current sports betting unit.
Henrik Persson Ekdahl, Catena Media’s interim Chief Executive Officer, conveyed his excitement regarding the acquisition, characterizing it as a pivotal achievement for the company and one that cements its standing as a dominant player in the sports wagering domain.
A German sports betting partner, Baybets, has been purchased by Catena Media. Baybets manages more than 50 webpages, including well-known sites such as sportwetten.org and sportwette.net, concentrating on the German, Austrian, and Swiss regions.
The CEO of Baybets, Jan Steffen, conveyed his appreciation to the staff, remarking, “I would like to express my gratitude to all those who played a role in the company’s accomplishments. Your dedication has enabled this triumph.”
He continued, “We are thrilled to embark on this fresh chapter with Catena Media and anticipate a lasting and prosperous collaboration, both operationally and as investors. The times ahead hold vast possibilities.”
