Waterford-based digital sports and iGaming media company, OneTwenty, has made a significant acquisition, purchasing the UK and Australian business of Catena Media in a deal worth €6 million. The transaction, expected to be finalized in the third quarter of this year, includes the sale of all assets in Catena Media’s UK business, which consists of popular sports betting brands Squawka and GG.co.uk, as well as all shares in the group’s wholly-owned Australian subsidiary.
Founded in 2016 and headquartered in Waterford, OneTwenty has established a strong presence in the gaming, betting, and sports sectors through its network of websites and apps. This latest acquisition, made through its subsidiary Moneta Communications, further expands OneTwenty’s brand portfolio and strengthens its position in the industry.
To finance the purchase, OneTwenty secured debt of nearly €11 million from fintech lender Thin Cats. The acquired business generated combined revenues of €4.5 million in the 12 months leading up to the deal’s completion, following substantial year-on-year growth in the first half of 2023.
Chris Russell, the CEO of OneTwenty, expressed excitement about the acquisition, stating, “This purchase is another step on our journey to becoming a leading digital publisher at the convergence of sports, media, and betting. The portfolio builds on our horse racing and football audiences, particularly, and allows us to serve the increasing demand from our sports-betting partners.”
Catena Media, on the other hand, announced the divestment of its UK and Australian businesses. Of the €6 million purchase price, €5.8 million will be paid in cash upon closing, with the remaining €200,000 to be paid within 75 days of the deal’s completion. The proceeds from the sale will primarily be used to repay debt, reducing the group’s leverage ratio as it shifts its focus to the North American market.
Following an impairment charge of €15.2 million resulting from the sale, Catena Media revealed that the divested businesses’ intangible assets had a net book value of €6 million at the end of June this year. The company also estimated that its cost base would be reduced by approximately €2.8 million on an annualized basis.
Michael Daly, the CEO of Catena Media, commented on the divestment, saying, “This agreement is another milestone on our journey to focus the business on the North American online sportsbook and casino affiliation market. The strategic review has led us to reshape our brand portfolio to reflect this closer operational focus, and I am pleased to be delivering further progress in that direction. I am also delighted that we have found a buyer that is well placed to build on the success of our UK and Australian sports and casino brands and will offer them the scope and support they need to develop and grow.”
This acquisition marks a significant development for OneTwenty as it continues to establish itself as a leading player in the digital sports and iGaming industry. With the addition of Catena Media’s UK and Australian business, OneTwenty’s brand portfolio expands, providing new opportunities for growth and further solidifying its position in the market.
