The closing will provide the affiliate with SEK 1.5bn before transaction costs. The company says the transaction was “significantly oversubscribed” due to high demand from institutional investors.
The subscription price was agreed through an accelerated book-building process and according to Better Collective’s board of directors, the price is in accordance with market conditions.
Better Collective says this transaction is expected to contribute to an increased free float and liquidity in the company’s share.
It will see a dilution of around 12.8% of the number of shares and votes in the company and increase the number of shares and votes from 46,984,072 to 53,864,806.
Investors that have subscribed shares in this transaction will receive their shares on May 31, 2021; to help deliver these shares, J. Søgaard Holding ApS and Chr. Dam Holding ApS have provided Nordea Corporate Finance & ECM with just over three million shares.
Better Collective Co-founder and CEO, Jesper Søgaard, said: “I am pleased to see the high level of support of our company from both existing as well as new shareholders.
"We are very excited about the transaction and the market’s receptiveness of the acquisition of Action Network Inc., which underpins our strategy to capitalise on the unprecedented market opportunity in the US within sports betting affiliation.
"With the proceeds from this transaction, we maintain a flexible capital structure in order to be able to act on future strategic opportunities.”
