Gentoo Media, formerly known as Gaming Innovation Group (GiG), has successfully completed the process of dividing into two independently listed companies. This significant restructuring was finalized on September 30, 2024, following the final approval from the Board of Directors and the completion of all necessary legal steps.
The decision to split the company was part of a strategic review initiated in early 2023. In June 2024, GiG Media, a division of GiG, was rebranded as Gentoo Media in preparation for its spinoff from GiG’s platform and sportsbook operations. This rebranding aimed to establish Gentoo Media as a standalone business with a new name, logo, and visual identity while retaining its existing team and brands.
Independent entities
The restructuring has resulted in two separate and independent public companies:
- Gentoo Media Inc.: This company will continue as a pure media business, focusing on its affiliate operations within the iGaming industry. Gentoo Media remains listed on the Oslo Stock Exchange under the ticker symbol “G2MNO” and on Nasdaq Stockholm under the ticker symbol “G2M”;
- GiG Software PLC: The platform business will operate as an independent B2B company, providing proprietary platform and sportsbook technology to the iGaming sector. GiG Software PLC’s shares will be distributed to shareholders in the form of Norwegian Depository Receipts (NDRs) and Swedish Depository Receipts (SDRs), with the SDRs listed on the Nasdaq First North Premier Growth Market;
Financial arrangements
As part of its new structure, Gentoo Media has entered into a €25 million ($27.76 million) Revolving Facility Agreement with Citibank Europe, which has also been appointed as its official main bank. This financial arrangement is expected to enhance Gentoo Media’s operational flexibility and financial stability.
Leadership insights
Mikael Harstad, Chairman of the Board at Gentoo Media, expressed his satisfaction with the completion of the 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 vertical-focused company within iGaming.”.Jonas Warrer, CEO of Gentoo Media, added: “We are thrilled by the opportunities this split presents, allowing us to strengthen our market leadership while enhancing shareholder value.”.
Recent partnerships
The completion of this restructuring comes shortly after Gentoo Media extended its partnership with Betsson Group for an additional year, related to the compliance and brand protection tool, GiG Comply.
This strategic move is expected to drive further growth and innovation for both Gentoo Media and GiG Software PLC, each now focused on their respective core competencies within the iGaming industry.
