Issuing a short market update, Frankfurt Xetra-listed betting group mybet Holdings SE has revealed that it has entered exclusive negotiations with a ‘strategic investor’ concerning the firm’s future options and the potential creation of a new online joint venture.
mybet has chosen not to reveal any details regarding the investor, but details that its potential business partner is a leading provider of ‘sports betting and online casino games based in Malta’.
Updating investors, mybet governance details that the objective of the negotiations is to establish whether parties should work together to form a Malta-based industry joint venture in which mybet will hold a majority 51% equity.
The unknown investor is prepared to ‘contribute equity in a medium single-digit million range that is to serve predominantly to finance future investments in market activities’.
“The joint venture gives us a fantastic opportunity to benefit from the expertise and skills of the potential partner. Besides, the existing partner licences will enable us to continue expanding our business,” detailed Markus Peuler, CEO of mybet Holding SE.
mybet governance has triggered a ‘30-day exclusive negotiation period’ with the investor, with the potential to extend a further 30 days should discussions progress.
In its update, mybet informs that it will delay the publication of its full-year 2017 results to 27 April 2018, on account of entering the exclusive discussions.