Better Collective, a subsidiary of the Better Collective group, agreed in November to purchase Playmaker Capital at a price totaling EUR176m ($192m) (PS151m/EUR176m). It was expected that the deal would close during Q1 of 2024.
The approval of Playmaker Capital shareholders brings the transaction closer to its anticipated conclusion. The acquisition was approved by 99.999%, and only 0.001% of votes were against.
Both the Ontario Superior Court of Justice as well as the Minister of Canadian Heritage must approve the acquisition. The deal must be completed in accordance with additional conditions.
If all of these conditions are met, it is likely that the purchase will close by early February.
What is the reason for Better Collective’s acquisition of Playmaker Capital
Better Collective announced in November that the transaction will lead to it becoming the leader of the South American market. The business merger will further enhance its position in the North American marketplace, it added.
Better Collective also identified increased product investment, improved technology and scale as other factors.
Playmaker Capital’s shares are listed both on the TSX Venture Exchange (Canada) and OTCQX (US). Futbolsites.net Yardbarker, and The Nation Network are among the sports media brands owned by Playmaker Capital. Better Collective is acquiring all of these brands as part the deal.
Better Collective plans to finance the acquisition with 65% shares and 35% in cash. After the closing of the acquisition, the group will review its financial goals for 2023-2027.
Jordan Gnat, co-founder of Playmaker Capital and its CEO, said the acquisition deal had been in development for a whole year. Jesper Sogaard, co-founder of Better Collective and its CEO, also applauded the deal. He called it an “important landmark” on the digital sports media journey for the Better Collective group.
Better Collective: An expanding Portfolio
Playmaker Capital was acquired by Better Collective after it had also purchased the American sports media firm Playmaker HQ.
Better Collective acquired the company for $54m last July. Playmaker HQ is based in Florida and specialises in original sports and entertainment content. It also collaborates with athletes and has creators who are aimed towards the US market.
Better Collective believed that this acquisition would help them gain access to a “new and large audience” of general sports enthusiasts who are highly engaged.
