Catena Media plc, an iGaming affiliate company headquartered in Malta, has appointed the Stockholm-based Carnegie Investment Bank AB as its financial advisor to assist the company in assessing strategic options related to the divestment of its assets.

This includes assistance in conversation with third parties that have shown interest in acquiring certain assets, including all the remaining assets of the group.

Catena Media had previously communicated, in a strategic review announced in May 2022 and expanded in August 2022, that the group is looking to continue streamlining its business to focus on the fast-growing, regulated North American market.

The company has a strong presence in North America, seeing revenue double in the market during 2021 and growing by a further 22 per cent during the first nine months of 2022.

On 15th December, Catena Media announced that it had entered into an agreement with Gaming Innovation Group plc to sell its AskGamblers business and associated global casino brands for €45 million on a cash and debt free basis.

The transaction, expected to be completed in Q1 2023, involves the sale of two wholly owned subsidiaries in Malta and Serbia that operate the AskGamblers brand and the associated online casino brands JohnSlots and NewCasinos.

At the time, Catena Media CEO Michael Daly said: “Today’s agreement is a major step on our journey to focus the business on online sports betting and casino affiliation in high-growth, regulated markets in the Americas. I am confident that in Gaming Innovation Group we have found a buyer that will provide a strong environment for AskGamblers and the other brands and their talented people to develop and grow.”

Catena Media intends to continue streamlining the business in line with its pivot to the North American market.

This includes divesting from markets and assets, such as the Financial Trading brands and the group’s remaining European brands, which third parties have shown interest in acquiring. These approaches are currently under evaluation.

Commenting on Catena Media’s future strategic direction, CEO Michael Daly said: “We are now in an even stronger financial position and equipped to capture the exciting market opportunities ahead of us and to take steps to broaden Catena Media’s exposure and access to the US capital markets over time.”

Catena Media also announced that third parties have shown interest in acquiring other assets as part of this process, and the group continues to evaluate the divestment of such.

During these discussions, third parties have also shown interest in acquiring all the remaining assets of the group in a strategic transaction or through a public tender offer for the group.

So far, the board of directors of Catena Media has received no firm or indicative bids for the group or any of its assets.

About Catena Media

Catena Media describes itself as a global leader in generating high-value leads for operators of online casino, sports betting and financial trading platforms. The group’s large portfolio of web-based affiliation brands guides online users to customer websites and enriches the experience of players worldwide. Headquartered in Malta, the group employs over 450 people in Europe, North America, Asia-Pacific and Oceania. The share (CTM) is listed on Nasdaq Stockholm Mid Cap.