Gentoo Media, formerly known as Gaming Innovation Group Inc. (GiG), has officially completed the separation of its media and platform businesses, creating two independently listed companies.
The restructuring process, finalised on 30 September 2024, marks a pivotal moment in the company’s history as it embarks on a new chapter of growth and development.
With approval from the Board of Directors, all legal procedures have been completed. As a result, the platform business has been extracted from Gentoo Media Inc. and distributed to shareholders, forming a new company, GiG Software PLC. This newly established entity will operate as an independent B2B provider, delivering its proprietary iGaming platform and sportsbook technology to the global market.
Meanwhile, Gentoo Media will continue as a standalone public company, focusing entirely on its core strength as a media affiliate business. The company remains a dominant force in the iGaming affiliate sector, aiming to expand its leadership position as an independent and vertically focused entity.
In addition to the structural changes, Gentoo Media has secured a EUR 25 million Revolving Facility Agreement with Citibank Europe PLC, providing the company with enhanced financial flexibility. This partnership underscores the company’s commitment to maintaining operational excellence, as highlighted by Gentoo Media's statement about Citibank becoming its primary banking partner.
Mikael Harstad, Chairman of Gentoo Media’s Board, expressed his enthusiasm for the completed split, stating: “This marks a new chapter in the ongoing evolution of our media affiliate business. Gentoo Media is now well-positioned to continue its remarkable growth journey as an independent and vertically focused company within iGaming.”
Jonas Warrer, CEO of Gentoo Media, also commented on the new opportunities ahead: “We are thrilled by the opportunities this split presents, allowing us to strengthen our market leadership while enhancing shareholder value.”
As part of the restructuring, shareholders of Gentoo Media have received depository receipts in GiG Software PLC. Investors holding shares in Euronext Securities Oslo (VPS) have been allocated Norwegian Depository Receipts (NDRs), while those holding shares in Euroclear Sweden have received Swedish Depository Receipts (SDRs).
Starting from 1 October 2024, GiG Software PLC’s SDRs will be listed on the Nasdaq First North Premier Growth Market. However, neither the SDRs nor NDRs will be listed on a Norwegian stock exchange. NDR holders will have the option to convert their receipts into SDRs by contacting their banks or brokers. In the meantime, GiG Software PLC intends to list the NDRs on the Euronext NOTC market.
Additionally, GiG Software PLC has been launched with sufficient funding to ensure operational stability. Gentoo Media used part of the proceeds from a June 2024 share issue to repay a EUR 5.9 million loan held by Sportnco prior to the spin-off.
The media division will now operate under the Gentoo Media Inc. name and continues its dual listing on both the Oslo Stock Exchange in Norway (ticker symbol G2MNO) and Nasdaq Stockholm in Sweden (ticker symbol G2M).
This legal split creates two specialised, independent companies, each poised to thrive in its respective market. For Gentoo Media, the focus on media and affiliate operations will allow it to continue its trajectory of success, while GiG Software PLC will push forward as a major player in the B2B iGaming technology space.
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