XLMedia raises £24m to fund Sports Betting Dime deal
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Yesterday (18 March), XLMedia agreed to buy Sports Betting Dime for £26.0m, in a deal it said would provide the business with a US affiliate sports betting brand and strengthen its presence in the country’s legal wagering market.
XLMedia said that it would fund the majority of the purchase through a series of share offerings, including a core placement of 58,727,398 shares.
These shares were placed at a price of 40 pence each, with both new and existing investors taking part in the oversubscribed offering. The placement conditionally raised gross proceeds of £24.0m, though after also taking into account expenses, net proceeds will be approximately £22.9m.
In addition, certain XLMedia directors and employees agreed to subscribe to 1,272,602 in shares at an issue price of 40 pence each, leading to a further £509,041 in funding