- Catapult Group International (CAT) has announced plans to acquire SBG Sports Software through a $40 million capital raise
- CAT will spend up to $45 million to purchase 100 per cent of the shares on issue for the sports software video solutions provider
- It plans to raise $35 million via an underwritten institutional placement and a further $5 million through a non-underwritten share placement plan
- Two CAT directors will also buy $1.35 million worth of shares, with all of the shares under the capital raise priced at $1.90 each
- The company entered a trading halt before today’s announcement, with shares last trading at $2.18 each
Catapult Group International (CAT) has announced plans to acquire SBG Sports Software through a $40 million capital raise.
The sports technology business will spend between $40 million and $45 million to purchase the sports software video solutions provider.
CAT will fund the acquisition of 100 per cent of SBG’s shares on issue via a placement and a share placement plan.
The company has received commitments to raise $35 million via an underwritten institutional placement.
It’s also planning to raise a further $5 million through a non-underwritten share placement plan, while two CAT directors will subscribe for $1.35 million.
Under the fundraise, CAT shares are each priced at $1.90 per share — a 12.8 per cent discount to the last close price on June 22.
Explaining the significance of the acquisition, Catapult CEO Will Lopes said the company was now well primed for growth.
“I couldn’t be more excited about the future potential of Catapult. Our recent results have shown our ability to accelerate growth post-pandemic,” Mr Lopes said.
“We have scaled our management team to capture and lead the advancement that is occurring in sports technology.
“And with the acquisition of SBG, we are accelerating our roadmap significantly, while adding a team to the Catapult family that shares the same level of ambition and customer obsession.”
Catapult Group International entered a trading halt before today’s announcement, with shares last trading at $2.18 each.