Moneta Communications Limited signed an agreement to acquire UK and Australian online sports betting brands of Catena Media plc (OM:CTM) for ?6 million on August 3, 2023. Under the terms of agreement, ?5.8 million of the purchase price will be paid in cash on closing and ?0.2 million will be paid within 75 days of closing. UK and Australian online sports betting brands of Catena comprises sports betting brands Squawka and GG.co.uk.

The asset is located in Australia. The businesses generated combined revenue in the 12 months to date of approximately ?4.5 million and EBITDA of about ?0.9 million. The sale will reduce the group?s cost base by an estimated ?2.8 million on an annualised basis.

These savings will be realised directly on closing. The transaction, which is expected to close in Q3 2023. Sale proceeds will be used primarily to repay debt, thereby reducing the group?s leverage ratio.