Acroud raises SEK75m to fund further M&A

| By Conor Mulheir
iGaming affiliate business Acroud AB (formerly Net Gaming) has completed a directed share issue of some 35.3m new shares, raising proceeds of approximately SEK 90m (£7.91m/€8.87m/$10.54m).

Acroud will receive gross proceeds amounting to approximately SEK75m through the share issue, with 15.5m shares allocated to the company’s two largest shareholders, Trottholmen AB and Strategic Investment AS.

The remaining proceeds will be used to repay bonds.

The share issue will enable the company to act swiftly when attractive opportunities for acquisitions arise, Acroud said, strengthening its financial position.

The subscription price of SEK2.55 per share corresponds to a discount of 15% compared to the closing price of Acroud’s shares on the Nasdaq First North Growth Market on 24 November.

In addition, company’s board of directors has resolved to issue an additional 3m shares, to pay for the company’s latest acquisition, announced on 17 November.

This will form part of the payment for an as-yet unnamed sports betting company well positioned for entering markets in Latin America, Africa and Asia.

The subscription price of SEK2.55 per share corresponds to a discount of 15% compared to the closing price of Acroud’s shares on the Nasdaq First North Growth Market on 24 November.

Combined, the share issue and consideration share issue will see the number of shares in the company increase by around 38.3m, to 113.95m and share capital will increase by around €970,000, to €2.88m.

The company said it was preparing for M&A and international expansion in October, after revealing that it expected both its revenue and profit after tax to decline in the third quarter of 2020.

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