Advice from Hay & Kilner has helped the owners of an innovative North East sports betting brand complete its multi-million pound sale to a Danish digital sports media group.
Copenhagen-headquartered Better Collective A/S, which is dual-listed on the Nasdaq Copenhagen and Nasdaq Stockholm, has acquired AceOdds in a €42m deal as it looks to significantly enhance its presence across the UK.
The deal comprised €40m in cash, with the remainder being settled in Better Collective shares, following the initiation of a share buyback programme.
Mark Adams and Ben Jackson of the Corporate Team advised the AceOdds shareholders on the deal, which will see Better Collective capitalise on growing international interest in the AceOdds platform.
Established in 2008, AceOdds is a versatile and multi-language sports betting media brand which offers a comprehensive range of betting tools, odds, reviews and streaming schedules through its web and app based platforms.
Better Collective A/S’s portfolio of digital sports media brands includes HLTV, FUTBIN, Betarades, Soccernews, Tipsbladet, SvenskaFans, Action Network, Playmaker HQ, VegasInsider, Bolavip and Redgol.
Mark Adams, Corporate Partner, said: “We are delighted for AceOdds, and it was an absolute privilege to act for them.
“This deal, and Better Collective’s strategy of scaling their brand globally via local expertise across numerous regions, aligns perfectly with AceOdds’ vision of expanding its influence outside the UK.
“On the back of the acquisition, it’s fantastic to see Better Collective upgrade their 2024 full-year financial targets too, and we wish them every success.”
Associate Ben Jackson added: “This is a huge success story for a North East business and is another example of the region’s impressive output in the technology and gaming sectors. It was a pleasure to act for AceOdds and to utilise our expertise in a complex and cross-border transaction.”
Danish legal advice was provided to AceOdds by DLA Piper Denmark, with specialist tax advice and corporate finance advice being provided by Peppercorn Tax and Corfai respectively. Bird & Bird LLP’s London and Dubai offices, and Bech-Bruun, provided legal advice to Better Collective A/S.
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