SBC News Better Collective raises €150m in new capital by completing private bookbuild

Better Collective raises €150m in new capital by completing private bookbuild

Better Collective AS has expanded its cash options, having completed an oversubscribed bookbuild from institutional investors.

The Stockholm-listed media group has raised a further SEK 1.5 billion (€150m) in working capital in light of completing a direct issue of 6.9 million shares priced at SEK 218 (€21) each.

During Q2 trading, Better Collective formally notified that it would launch a direct share placement for institutional investors, following its agreement to acquire US publisher Action Network Inc for $240 million on a cash and debt-free basis.

Completing the transaction, Better Collective stated that its allocated share placement had been heavily oversubscribed due to high demand from participating institutions and other professional investors.

Better Collective governance informed that the bookbuild was undertaken to improve its cash flexibility supporting all business units.  

The bookbuild will see Better Collective expand its corporate shareholding from 46-to-53 million, with the media group’s total share capital tracking at €540 million.  

Company CEO Jesper Søgaard noted investors’ positive response to Better Collective’s growth strategy and acquisition of the Action Network, which aims to establish the firm as the outright media publisher for US wagering.  

“I am pleased to see the high level of support of our Company from both existing as well as new shareholders,” Søgaard commented.

“We are very excited about the Transaction and the market’s receptiveness of the acquisition of Action Network, which underpins our strategy to capitalise on the unprecedented market opportunity in the US within sports betting affiliation.

“With the proceeds from this transaction, we maintain a flexible capital structure in order to be able to act on future strategic opportunities.”

SBC News Better Collective raises €150m in new capital by completing private bookbuild

 

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