October 29, 2019 / 7:15 AM / 23 days ago

MTG eyes U.S. listing, plans strategic review for gaming business

STOCKHOLM, Oct 29 (Reuters) - Sweden’s esports and mobile gaming firm MTG will explore a U.S. stock market listing and initiate a strategic review of its gaming business, the esports and mobile gaming firm said on Tuesday.

MTG, which spun-off its media and TV business NENT last year, said it had been “approached with a range of different alternatives for the company to become even more competitive” since the split, which had led it to decide on the strategic review.

“Through the strategic review, we will consider all options for our gaming vertical to crystalise and create maximum shareholder value, and at the same time evaluate the potential for MTG as a global pure play esport company”, CEO Jørgen Madsen Lindemann said in a statement.

As part of the review, MTG said it would explore an additional listing in the United States, one of the biggest esport markets in the world.

After its review, MTG said it planned to assess its financial principles and cash requirements.

“The outcome of the review could lead to a potential redistribution of any excess cash to its shareholders,” it said.

The company also said it planned an efficiency program targeting 50 million Swedish crowns ($5.14 million) in annual cost savings “to ensure a right sized and more efficient headquarter organisation”.

$1 = 9.7248 Swedish crowns Reporting by Johannes Hellstrom, editing by Helena Soderpalm and Jason Neely

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