Issuing a market update, the governance of mybet Holdings SE has confirmed that it has secured a non-exclusive ‘term sheet’ (a business arrangement) with a strategic investor ‘outlining the possible sale of its online business’.
The Frankfurt Xetra-listed enterprise details that the arrangement has been approved by mybet’s Supervisory Board, which would see the company divest all digital assets operated under the mybet.com domain.
Updating investors, mybet governance states that it will target a ‘high-single digit € million’ sale for its digital assets with the strategic investor further securing the exclusive rights of the mybet brand for future operations.
Should the sale of mybet.com be completed, current operating company mybet Holdings SE will continue to manage the firm’s B2B services and as well as its European retail shop/stationary betting point locations utilising the mybet brand for an ‘extended period of time’.
At present, mybet governance has chosen not to disclose any information related to the strategic investor or the future plans attached to the mybet.com enterprise.
Last March, mybet governance confirmed that it was ‘reviewing the firm’s future options’ having entered negotiations with a Malta-based partner.
In its previous corporate update, mybet governance detailed that the firm was reviewing the potential creation of a new online betting joint-venture in which the Frankfurt enterprise would hold 51% equity.
Throughout 2017/18 mybet has moved to restructure its operations, redeveloping its digital platform as the company seeks to overturn performance declines related to its customer activity.