Affiliate giant Better Collective agreed to acquire Playmaker Capital in November. The deal is worth €176m (£150m/$190m) and has been expected to close in Q1 2024.
Better Collective and Playmaker had to secure various approvals in order for the acquisition to go through. Playmaker says all such conditions have been met and the deal can progress as planned.
Conditions satisfied in recent days include approval from the minister of Canadian heritage and the Ontario Superior Court. Last week, Playmaker shareholders also overwhelmingly voted in favour of the deal.
Having secured all approvals, Better Collective and Playmaker now expect the deal to close on 6 February.
Better Collective eyes South America growth
Upon announcing the acquisition in November, Better Collective said that the deal will make it the market leader within South America. It added that the combination will strengthen its position in North America.
Better Collective also said it expect to benefit from improved scale and greater levels of product, technology and marketing investments.
Playmaker, which is on both the TSX Venture Exchange in Canada and the OTCQX in the US, counts media brands Futbolsites.net, Yardbarker and The Nation Network among its assets. Better Collective will be taking ownership of these brands as part of the deal.
Better Collective co-founder and CEO Jesper Søgaard has talked up the potential of the deal. He is billing it as an “important milestone” for the group and its digital sports media journey.
Another string in the expanding bow of Better Collective
Playmaker represents the latest acquisition for Better Collective and should not be confused with Playmaker HQ. Better Collective purchased the American sports media business in July 2023 for $54m.
Based in South Florida, Playmaker HQ specialises in creating original entertainment and sports content. This includes athlete collaborations and creator talent, with content aimed at the US.
Speaking last year, Better Collective North America CEO Marc Pedersen said the acquisition will offer the affiliate to a wider audience. Better Collective is also using Playmaker HQ’s sponsorship sales knowledge to boost monetisation of audiences outside of sports betting.
The deal also expands Playmaker HQ’s scope to a global scale, utilising new resources from Better Collective.