- Legal States
Jerome García September 30, 2021 2 min read
B90 Holdings Announces Oddsen Acquisition from Performance Media
B90 Holdings has unveiled an agreement to complete a strategic acquisition of sports betting site Oddsen. The site operates in Norway and is currently owned by Performance Media. To help boost the acquisition, B90 has raised some $1.7 million through a subscription of 8,888,465 in new ordinary shares
B90 Holdings Agrees to Acquire Assets from Performance Media
Online marketing solutions provider B90 Holdings plc announced today that it has entered into an agreement to acquire assets from Performance Media SIA. Under the deal, B90 will acquire Oddsen.nu, a sports betting affiliate site that has been operating in Norway for 20 years. The acquisition will see B90 acquire Oddsen’s domain and business IP, as well as 100% of its operations.
Oddsen is a platform that connects publishers with affiliate programs, which enables them to promote sports wagering offers. The website features vast media coverage, including analysis and forecasts, as well as news and sports events coverage. Besides media content coverage, Oddsen also offers a sports betting forum. The forum, which operates 24-7, offers free advice and has generated winning odds for many bettors. Many sports fans discuss sporting events but also find invaluable betting tips.
Oddsen’s Acquisition Is Strategic for B90
The acquisition has a price tag of $3.8 million (€4.4 million). Initially, B90 will make a payment of $696,000 (€600,000), but it will also issue some 19,965,000 in new ordinary shares. B90 revealed that a further $1.2 million (€1.05 million) cash payment will be made by or on March 31, 2022. With that in mind, the company said that the amount may also be settled by issuing new ordinary shares. B90 Holdings has also unveiled that it has raised some $1.7 million (€1.47 million) before expenses through a subscription of 8,888,465 in new ordinary shares. This undoubtedly helped the company with the recently announced acquisition.
We consider it a strategic acquisition that can be used as a platform to be rolled out in other markets as well.”Paul Duffen, executive chairman at B90 Holdings
B90 Holdings’ executive chairman, Paul Duffen, commented that this acquisition complements the company’s ongoing transformation. He added that the recent fundraise reaffirmed the stakeholders’ strong support of B90’s growth strategy. Duffen stressed that the sports betting market in Norway is well-established, attractive and stable, and deemed the acquisition a strategic move that marks an important step for the company.