XLMedia disposes of three European casino assets for $4m
London-listed affiliate's stock jumps as it completes the sale of Greek, Portuguese and Swedish sites to Beach Services
XLMedia has completed the sale of three of its Europe-facing casino assets to Beach Services for $4m (£3.1m).
The affiliate has offloaded Casino.se, Casino.gr and Casino.pt that, by year-end 31 December 2022, generated revenues of $840,000, which equated to 6% of the group’s overall European casino revenue.
The news has sent the group’s share price spiking in early morning trading by more than 7% to 10.50p. It has since fallen to 9.50p.
XLMedia said it will continue operating in Sweden and other European markets and that the European arm is tracking marginally ahead of management expectations.
The cash generated from this sale will be used to expand the firm’s North American sports and gaming presence as well as advance its European portfolio.
The sale of the trio of assets follows the recent disposal of the firm’s entire personal finance assets portfolio, which aligned with XLMedia’s strategy to ditch non-core activities and focus on its sports and gaming business.
That process concluded with the sale of the MoneyUnder30 domain and website for $675,000 to Northern Lights Media.
XLMedia had previously sold its Investor Junkie, Greedy Rates and Young and Thrifty brands to MPD Media in a $1.3m all-cash deal.
The AIM-listed firm confirmed that coupled with the disposal of the DoughRoller domain and website it had netted $2.05m from the sale of non-core assets.