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Angel Hristov November 7, 2023 3 min read
Better Collective Inks Definitive Deal to Acquire Playmaker Capital
The deal is in line with Better Collective's goal to become the leading digital sports media group
Better Collective has signed a definitive agreement to acquire Playmaker Capital, a leading digital sports media group. Announced earlier this year, the agreement will consolidate the former company’s presence in the Americas and help it become an undisputed leader in the South American market.
The definitive deal will see Better Collective acquire the fellow sports media company for approximately $188 million (converted from Euro, current rates). Better Collective will fund 65% of the transaction with shares, transferring 1,387,580 treasury shares and up to 1,713,300 newly issued shares. This will bring the total number of Better Collective shares to 56,937,147. The remaining 35% will be paid out in cash.
Better Collective will keep Playmaker’s experienced leadership around, leveraging its expertise to further develop its business.
By acquiring Playmaker, Better Collective will assume control of a number of digital sports media brands with a combined monthly audience of over 200 million visits from across the Americas. These include sites such as Futbol Sites, Yardbarker and The Nation Network. Playmaker Capital’s US-focused paid media division, Wedge, will be integrated into Better Collective’s paid media division.
Financial synergies between the two companies are also expected to have a beneficial effect on Better Collective’s business. The two companies will drive benefits from the enhanced scale and greater level of products. At the same time, Better Collective will grow its audience and portfolio.
Better Collective added that it plans to revisit its long-term financial targets for 2023-2027 once it closes the transaction. The transaction is still subject to approval by Playmaker Capital shareholders. The deal also needs to secure certain court and regulatory approvals.
The deal is expected to close by the end of the first quarter of 2024.
A Monumental Deal for Both Companies
Better Collective’s co-founder and chief executive officer, Jesper Søgaard, commented on the deal, highlighting it as an important milestone in his company’s “journey towards becoming the leading digital sports media group.”
Upon closing of the acquisition, we will significantly grow our audience and reach a larger segment of generalist sports fans.Jesper Søgaard, co-founder & CEO, Better Collective
Søgaard praised Playmaker for its strong media brands that continue to engage fans across the Americas. He also lauded the skilled Playmaker team, welcoming it to the Better Collective family.
Jordan Gnat, Playmaker Capital’s co-founder and chief executive, also commented on the monumental agreement. He noted that this deal has been 12 months in the making and underscored his excitement about the tie-up with Better Collective.
Their [Better Collective’s] success is undeniable and their vision to become the leading digital sports media group aligns with us exactly. The cultures of our companies are very similar and I see the integration and synergies to be incredibly accretive to shareholders.Jordan Gnat, co-founder & CEO, Playmaker Capital
In the meantime, Better Collective is preparing for a second listing on Nasdaq Copenhagen.