Better Collective raises 150 million euros in new capital to complete the construction of a private book
Best collective AS broadened its spot options, after achieving an oversubscribed order book with institutional investors.
The Stockholm-listed media group has raised an additional SEK 1.5 billion (€ 150 million) in working capital in light of the completion of a direct issue of 6.9 million shares at the price from 218 SEK (21 €) each.
During the second quarter of trading, Better Collective formally announced that it would launch a direct placement of shares for institutional investors, following its agreement to acquire the American publisher. Action Network Inc for $ 240 million on a cash and debt free basis.
Following the transaction, Better Collective said its placement of allotted shares was heavily oversubscribed due to strong demand from participating institutions and other professional investors.
Better collective governance indicated that the constitution of books had been undertaken to improve its cash flow flexibility by supporting all business units.
The work will enable Better Collective to expand its corporate shareholding from 46 to 53 million euros, with the total share capital of the media group amounting to 540 million euros.
CEO of the company, Jesper Søgaard, noted the positive response from investors to Better Collective’s growth strategy and the acquisition of Action Network, which aims to make the company the full-fledged media publisher for US betting.
“I am pleased to see the high level of support our company has from existing and new shareholders.” Søgaard commented.
“We are very excited about the Transaction and the market receptiveness to the acquisition of Action Network, which underpins our strategy of capitalizing on the unprecedented market opportunity in the United States in the affiliate arena. to sports betting.
“With the proceeds of this transaction, we maintain a flexible capital structure in order to be able to act on future strategic opportunities.”