GiG confirms long-awaited platform and sportsbook arm split
GiG Software and Gentoo Media begin their first day as separate companies after shareholder approval last week
Gaming Innovation Group (GiG) announced its first day of trading as two independent companies – Gentoo Media and GiG Software – following the approved split last week.
The Malta-based firm broke up its affiliate and supplier divisions into two separately listed businesses, with GiG CEO Richard Carter saying the separation allows for the company to unlock its full potential.
Away from Gentoo Media, GiG said it can also innovate faster and deliver greater value to its partners and investors.
Carter said: “By standing alone, we can fully commit to delivering value to our partners and investors, all while leveraging the foundations that we have already laid for sustainable long-term growth.”
GiG CFO Phil Richards added: “GiG represents a very exciting growth story: having full control over our technology stack, combined with management’s vision and the execution of our strategic initiatives, the company is well-positioned for success.
“In addition, the quality of our platform will give us a significant competitive advantage.”
Petter Nylander, chair of the GiG board, reiterated Carter and Richards’ views that the split unlocks new avenues for growth and innovation. He noted that “today’s listing marks the beginning of an exciting journey that will create significant value for our investors”.
Following the split, GiG Software announced it had received a “significant” cash injection which included the repayment of external debt.
Gentoo Media said it used part of the proceeds from the June 2024 share issue to repay the €5.9m (£4.9m) Sportnco bank loan.
It also revealed it had entered into a €25m revolving facility agreement with Citibank Europe, securing financial flexibility in its daily operations.
Jonas Warrer, Gentoo Media CEO, said the split provides opportunities and the ability to strengthen its “market leadership” position.
Mikael Harstad, chair of the Gentoo board, added: “This marks a new chapter in the ongoing evolution of our media affiliate business.
“Gentoo Media is now well-positioned to continue its remarkable growth journey as an independent and vertical-focused company within igaming.”
On 30 September, a company related to GiG board member Mateusz Juroszek, Betplay Capital Foundation, acquired 50,000 shares in Gentoo Media at a price of SEK28.50 (£2.10), leading to it holding 6,433,026 shares in Gentoo.
Another company related to Juroszek, MJ Foundation Fundacja Rodzinna, acquired 550,000 shares in Gentoo Media at a similar price –SEK26.83.
MJ Foundation now holds 17,469,136 shares in Gentoo following the purchase of 6,069,375 shares for SEK164m in June.