Better Collective has moved a step closer to completing its acquisition of Playmaker Capital after shareholders of Playmaker Capital voted overwhelmingly in favor of the deal. The €176m (£151m/$192m) deal, which was agreed upon in November, was expected to close in the first quarter of 2024.

The approval from Playmaker Capital’s shareholders brought the acquisition closer to completion, with an overwhelming 99.999% of all votes cast in favor of the deal, and just 0.001% against it. However, the acquisition is still subject to approval from the Ontario Superior Court of Justice and the Minister of Canadian Heritage, along with other closing conditions that must be met.

Should all requirements be satisfied, the acquisition is expected to close in early February. Better Collective stated that the acquisition of Playmaker Capital will make them the market leader in South America and further enhance their position in the North American market. The company also cited improved scale and increased product, technology, and marketing investments as key reasons for the acquisition.

As part of the deal, Better Collective will buy all of Playmaker Capital’s sports media brands, including, Yardbarker, and The Nation Network. The financing for the purchase will consist of 65% in shares and 35% in cash, and Better Collective plans to revisit its financial targets for 2023-2027 upon the completion of the purchase.

Jordan Gnat, co-founder and CEO of Playmaker Capital, described the deal as a year in the making, while Jesper Søgaard, co-founder and CEO of Better Collective, hailed it as an “important milestone” in the group’s digital sports media journey.

The acquisition of Playmaker Capital follows Better Collective’s previous acquisition of American sports media company Playmaker HQ, for $54m in July. Better Collective believed that the acquisition of Playmaker HQ would provide access to “a new and large audience of highly engaged generalist sports fans.”

In conclusion, Better Collective’s acquisition of Playmaker Capital and Playmaker HQ demonstrates the company’s strategic expansion and consolidation within the sports media industry.

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