Better Collective has officially purchased Playmaker Capital for an overall cost of €176 million (£153 million/$188 million). Additionally, the projected date of the official conclusion of the definitive purchase agreement is in the first quarter of the following year.
Definitive purchase agreement:
For Better, this aforementioned agreement will help it officially become the market leader for the South American region and improve its leadership in North America. To fund the acquisition, the mentioned firm will utilize stocks for 65% and 35% of the money. The related firm will revise its “financial targets” for 2023 up to 2027 after the acquisition gets completed.
Relatedly, the purchased firm Playmaker Capital, headquartered in Toronto, has its stake recorded on the OTCQX in the US and the TSX Venture Exchange in Canada. In addition, its sports media brands involve Yardbarker, Futbolsites.net and the Nation Network, all of which will be acquired by the aforementioned firm.
Better Collective has been able to recognize the common good from improved scale and higher levels of investment in technology, product and marketing. Additionally, it projects to increase its audience of sports enthusiasts in America from the aforementioned acquisition.
According to the terms of the transaction, common stockholders of Playmaker will get a payment of CA$0.70 per share. JPG Investments and Relay Investments, the two biggest shareholders of Playmaker own a mixed 24% of stakes. Additionally, both of them will invest part of their Playmaker stakes for the shares of Beter.
Furthermore, this bigger stakeholder sale will be made up of approximately 75% of Better’s stakes and 25% of money. Also, both stakeholders have officially signed lock-up deals, which prohibit the sale of their stakes of the Better Collective for a certain time frame.
It took 12 moths for sale to happen, Playmaker Capital co-founder and CEO, Jordan Gnat, said. However, he added according to IGB: “Over the past 12 months, I have been talking a lot about a transformational deal for Playmaker and its shareholders that will take this company to the next level. Today’s announcement does exactly that and I could not be more excited for the Playmaker family to join the Better Collective family. Their success is undeniable and their vision to become the leading digital sports media group aligns with us exactly. The cultures of our companies are very similar and I see the integration and synergies to be incredibly accretive to shareholders.”
On a related note, co-founder and CEO of Beter Collective, Jesper Søgaard, added according to official press release: “The deal will be an important milestone in the company’s digital sports media journey. Upon closing of the acquisition, we will significantly grow our audience and reach a larger segment of generalist sports fans. For years, Playmaker Capital has built incredibly strong sports media brands and excited sports fans across the Americas with high-quality sports content, cultivating a loyal and dedicated following. The skilled team behind Playmaker Capital brings a unique set of media competencies that will boost our organisation. Saying that I am excited to welcome the new team to the Better Collective group would be an understatement.”