Online betting site Catena Media has announced that they've reached an agreement to purchase German betting group Baybets, which will include 50 gaming websites.
The deal will give Catena the opportunity to break into the German gaming market, as Baybets currently holds the popular sportsbetting sites SportWetten.org. The deal is reportedly for €26.5 million, with half in cash and half in Catena shares. There is also the possibility for extra payouts of €63.5 million if performance benchmarks are hit.
The purchase will close this month and Baybets' assets will be integrated immediately after. Baybets currently employs 23 people in Malta, which will be transitioned to the Catena offices in the same area.
Speaking about the deal Catena Media CEO Henrik Persson Ekdahl said, "We are proud to announce the largest acquisition made by Catena Media since company inception, making us one of the strongest sports betting affiliate players on the market. We have set ambitious financial targets for the company, and the acquisition is fully in line with those targets. We are excited about being able to complete this deal, given the upcoming sports year of 2018, which will have both the Winter Olympics and the World Cup."