Raketech agrees to settle Casumba earnout of €20.3M for €8.2M; shares rise 62%

Raketech Group Holding has agreed to fully settle the outstanding earnout owed to Casumba Media Ltd for €8,2 millones, versus approximately €20,3 millones payable including interest, according to its announcement published on 19 October 2026. The payment combines €2,7 millones in cash and €5,5 millones in financing from Bank of Valletta at 6.65%, and the news drove the shares to close up 62,14% on 19 October.

Terms of the agreement and payment schedule

Raketech, headquartered in Malta and listed on Nasdaq First North Premier Growth Market in Stockholm, released the information as inside information at 15:30 CEST on 19 October 2026. The €8,2 millones settlement is full and final to discharge all earnout obligations related to the acquisition of Casumba Media Ltd.

The breakdown of the planned payment is as follows:

• €3,0 millones are to be paid from cash within two business days of signing.

• Bank of Valletta will disburse €5,2 millones directly to the sellers at drawdown.

• €0,3 millones of the loan repays cash, resulting in a net cash outflow of €2,7 millones.

The combined financing includes a new three-year term facility of €3,5 millones and €2,0 millones drawn from Raketech's existing revolver, both at an interest rate of 6,65% and with three-year maturities. The loan is approved, but the company remains "awaiting completion of the bank's drawdown process." If the financing is not released before 31 de diciembre de 2026, the prior quarterly payments will reapply; if it is not released before 31 de marzo de 2027 or the financing is cancelled, each seller may revert to the previous earnout terms.

The bank takes as security the deferred consideration arising from the sale of Casumba's assets and imposes a debt service cover covenant of at least 1,1x; it must also approve any future share buybacks.

Origin of the earnout and prior disposals

Raketech bought Casumba Media Ltd in August 2019 for €2,0 millones in cash, with an earnout structure that later grew substantially. Part of the earnout was capped at €2,1 millones until the end of 2021; the remainder was uncapped and calculated on performance up to 31 de julio de 2024, with a portion payable in shares.

In May 2025 the sellers agreed to defer a final payment of €20,6 millones, originally due September 2026, until March 2028 in cash, with quarterly instalments linked to Raketech's free cash flow and interest of 5% plus EURIBOR, rising to 6% plus EURIBOR from September 2026.

On 24 de septiembre de 2025 Raketech sold Casumba's assets for €12,0 millones, payable monthly until December 2029 at an 8% rate and with no upfront payment; the company recorded a loss of approximately €10 millones on that transaction. The sale statement cited regulatory developments in the markets for those assets without naming them. Japan's revised gambling addiction law, which bans online gambling advertising, entered into force on 25 de septiembre de 2025, according to Yogonet.

Market reaction and share figures

In the session on 19 October Raketech shares opened at SEK 1,25, reached SEK 2,60 during the day and closed at SEK 1,97, according to Yahoo Finance data cited by the company. Volume was 603.885 shares that day versus 6.158 the previous trading day.

Before the announcement the market valued the company at roughly a quarter of the outstanding liability: at the prior Friday close of SEK 1,215, Raketech's 45.224.227 shares were worth about SEK 55 millones, roughly US$5,6 millones, according to the report. After Monday's jump market capitalisation was around SEK 89 millones (approx. US$9,0 millones), still below the €12,1 millones the settlement removed from the balance sheet.

Raketech said it expects to recognise a non-cash gain in the fourth quarter, below operating profit, and estimates about €0,4 millones of bank interest in the first year of the financing. This contrasts with €0,9 millones of theoretical earnout interest in the first half of the year, according to the statement.

Financial position and collection risk

In the second quarter Raketech reported the earnout liability was carried at €21,3 millones as of 30 de junio, against total equity of €32,1 millones and cash of €5,2 millones. Free cash flow before earnouts was €1,0 millón in that quarter.

The company states that the roughly €12 millones still owing from the sale of Casumba's assets and of US assets would cover the bank loans if fully paid. The Casumba receivable, which now serves as security for the bank, had generated €0,9 millones through August and was carried at €6,8 millones against about €11 millones outstanding, reflecting credit risk and long payment terms.

The deal replaces a large, flexible obligation with a smaller but tighter facility: a cover covenant and the bank's veto on buybacks, four months after the extraordinary general meeting on 26 de junio de 2026 authorised buybacks of up to 25% of the shares.

What remains unresolved and upcoming milestones

The settlement will not be complete until Bank of Valletta executes the disbursement. Raketech publishes third-quarter results on 5 de noviembre de 2026, when it will become clearer whether the underlying business generates sufficient traffic and cash to support the reduced new debt. See the company's [quarterly report](/news) for context.

Magnus Alebo, founder of Casumba Media and a board member since July 2025, is listed as beneficiary for one of the sellers and did not participate in the board decision; Alebo holds 1.086.934 Raketech shares, according to the company's website. The identity of the buyer that acquired Casumba's assets in September 2025 has not been disclosed, and the company has not explained how the €8,2 millones is allocated among sellers nor how many sellers there are.

The company cited the 2025 asset sale and regulatory changes in its markets as context for past results. Raketech has not changed dates beyond the publication of the Q3 report on 5 November.