Gaming Innovation Group’s (GiG) proposed split into two separate listed companies is expected to take place on 24 September, with the sports betting supplier division valued at 14% of the total business.
The long-awaited split will see GiG Platform & Sportsbook separate from Gentoo Media, formerly GiG Media – the Malta-based firm’s affiliate division.
A special shareholder meeting is scheduled for 23 September where the proposal will be voted on, with the split to occur the following day.
The spin-off will be completed via a “distribution in kind”, at Euronext Securities Oslo, of one Norwegian depositary receipt per share held in the existing GiG company.
Each depositary receipt will represent the “beneficial interest” in one share in GiG Software PLC, the new Maltese company which will operator GiG Platform & Sportsbook.
In addition, investors holding GiG shares in the Euroclear Sweden trading on the Swedish Nasdaq will receive one Swedish depository [NB spelt with an O in Sweden, but with an A in Norway] receipt per share held in GiG.
GiG said third-party analyses of Gentoo Media and GiG Platform & Sportsbook indicate that the latter “may be valued at 14% of the total value of GiG before the spinoff”.
It added that the 14% figure may not be indicative of the market capitalisation of GiG Platform & Sportsbook when it begins trading on the Swedish Nasdaq First North Premier Growth Market.
In April, ahead of the company’s split, GiG confirmed new boards for both Gentoo Media and the supplier arm.
On the affiliate front, former Entain M&A director Nicholas Batram, LOYRA partner Cristina Romero de Alba and STS chair Mateusz Juroszek were added to the board.
They joined existing members Riese Harstad and Hesam Yazdi, with the former serving as chair.
For GiG Platform & Sportsbooks, the board features Harstad and Yazdi as well as Peter Nylander as chair, Nicolas Adlercreutz and Steve Salmon.
Former board member Tomasz Juroszek was replaced by ex-Kambi chief information officer Andreas Söneby last month.
Heading into the split, GiG posted record revenue of €37.6m in Q2 2024, with the vast majority coming from Gentoo Media.
However, GiG Platform & Sportsbook revenue declined 21% year on year to €7.1m.
The post GiG to spinoff Platform & Sportsbook arm on 24 September first appeared on EGR Intel.