Affiliate business XLMedia has raised £24.0m (€28.1m/$33.5m) under a placing and subscription to help fund its acquisition of US-focused sportsbook review website Sports Betting Dime.
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
