Gaming Innovation Group is “thrilled to add another top casino affiliate site to our portfolio” after confirming that the acquisition of AskGamblers has been finalised.
The long mooted €45m sale came after Catena Media launched a strategic business review that was tasked with streamlining the group ahead of a North American charge being initiated.
The transaction is carried out through a share purchase by the Innovation Labs subsidiary of GiG, which sees €20m paid immediately and the remaining balance due in two instalments. On January 31, 2024, a further €10m will be paid, with the remaining €15m to be issued on January 31, 2025.
Following completion, GiG will consolidate these assets, which saw Catena offload a pair of wholly owned subsidiaries in Malta and Serbia that operate the AskGamblers brand and associated online casino entities JohnSlots and NewCasinos, immediately.
GiG noted that management is “focused on elevating the performance of this asset and has a clear strategy in place,” with confidence stressed in driving substantial growth and maximising profitability.
Richard Brown, CEO of GiG, said: “We are thrilled to add another top casino affiliate site to our portfolio, and believe it holds immense growth potential.
“The acquisition also broadens our geographical footprint and increases revenue diversity both geographically and client wise, reducing the overall operational risk.”
Catena Media stressed that the divestment marks “another step forward” amid an ongoing mission of shift “away from grey-market focused assets” and a concentration of its operational focus on regulated markets in North America.
“Receipt of the initial sale proceeds will further strengthen Catena Media’s financial position as the group seeks to capture strategic opportunities in North America,” the group noted.