After completing an overcrowded bookbuild from institutional investors, Better Collective AS has increased its cash options.
Following the completion of a direct offer of 6.9 million shares priced at SEK 218 (€21) each, the Stockholm-listed media firm has generated a further SEK 1.5 billion (€150 million) in operating capital.
Action Network Inc
Following its deal to buy US publisher Action Network Inc for $240 million in cash and debt-free terms during Q2 trade, Better Collective publicly announced that it would launch a direct share placement for institutional investors.
Better Collective announced that its allotted share placement had been considerably oversubscribed due to considerable demand from participating institutions and other professional investors, completing the deal.
The bookbuild was undertaken to provide cash flexibility supporting all business divisions, according to better Collective governance.
Better Collective would increase its corporate stake from 46 to 53 million as part of the bookbuild, bringing the media group’s total share capital to €540 million.
Ultimate media publisher for US wagering
Better Collective’s expansion strategy and acquisition of the Action Network, which intends to position the company as the ultimate media publisher for US wagering, have received encouraging feedback from investors, according to company CEO Jesper Sgaard.
Søgaard said: “I am pleased to see the high level of support of our Company from both existing as well as new shareholders.
“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.”