MTG has secured a SEK 1 billion ($112 million) credit facility from Nordea, which will provide additional funding for MTG after the spin-off of Nordic Entertainment Group.
The three-year revolving multi-currency credit facility can be drawn in part or full after the listing of NENT Group. MTG is expected to complete its split into two companies, MTG and NENT Group, in March.
Additionally, the previously announced agreement to sell MTG’s shareholding in Nova Broadcasting Group to PPF Group has been terminated. MTG has now started discussions with other interested parties regarding the sale. The termination of the PPF Group agreement follows the decision by the Bulgarian Commission for the Protection of Competition to disallow the proposed sale, as well as the expiration of an extended long-stop date under the sale and purchase agreement. Nova will remain part of MTG until a sale is completed.
Jørgen Madsen Lindemann, MTG’s president and CEO, said: “The new credit facility will provide us with additional flexibility to continue to invest organically and via M&A, in order to develop our global digital entertainment verticals after the listing of NENT Group. The divestment of Nova is also part of this strategy and we look forward to the discussions with the new potential buyers about the future of this well-established, well-placed and well-managed business.”