XLMedia Set to Sell Its North American Assets to Sportradar AG
XLMedia, the sports media business, has announced it has reached a tentative agreement with Sportradar AG, the sports technology company, to sell its North American assets.
XLMedia agrees to the potential sale of its assets to Sportradar AG.
LISTEN TO THIS ARTICLE:The potential deal is subject to approval from XLMedia shareholders and they will have a chance to vote on the proposal at the upcoming AGM on November 7th this year, with the deal expected to be completed in the first half of next year.
Under the terms of the agreement the acquisition is valued at $30 million, to be made up of an initial payment of $20 million from Sportradar with and a further $10 million made up of performance payments depending on the company’s achievements over the next year.
In the statement, it was revealed that when XLMedia disposes of its Northern American assets it will generate total funds estimated to be more than $72 million and upon completion of this transaction XLMedia is to be listed as a cash shell company on the stock exchange.
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Sportradar State Acquisition Will Bolster Its US Platform
Following the deal, Sportradar will enjoy an EBITDA that is estimated to be 5.5 times the levels achieved over the same period in 2023. In July, Sportradar launched one of its latest products, the operator launched a live betting video ads service on social media.
In our ongoing commitment to maximise shareholder value, following the Europe Disposal, the Board is pleased to have reached an agreement to sell the North American Business to Sportradar, pending shareholder approval. We anticipate an initial distribution from the net proceeds to shareholders before the year’s end.
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