Ascend Sport Is in Talks With EvoNext on Merger to Go Public
(Bloomberg) — Switzerland’s Ascend Sport Technology AG is in advanced discussions with SIX Swiss Exchange-listed shell company EvoNext Holdings SA that could bring it to the stock market through a reverse merger, according to a statement on Monday.
The reverse merger could value the Kriens, Switzerland-based company, which specializes in sports marketing and digital perimeter advertising, at between 500 million and 600 million Swiss francs ($740 million), according to people familiar with matter.
The proposed transaction would value EvoNext at about 2.50 Swiss francs per share, the company said. EvoNext shares rose after Bloomberg first reported news of the deal and closed up 33% at 2.65 francs apiece in Switzerland on Monday, the biggest daily gain in more than two years. No binding agreement has been signed.
The sports tech company has also been exploring other routes, such as the sale of significant minority positions to private equity firms, as well as a possible stake increase for existing minority shareholders, one of the people said, asking not to be identified as the information is private.
Ascend uses digital and virtual technology on the traditionally analogue advertising boards surrounding soccer pitches, with brands including AIM Sport. Its products have been deployed at some of sport’s highest-profile events, including matches at the recent FIFA World Cup 2026.
EvoNext is the remnant holding of a Swiss company that was focused on producing specialty pharmaceutical and food ingredients through biotechnology and fermentation. It announced plans to sell its operating business to Danstar Ferment AG, a subsidiary of Lallemand Inc., in late 2023. EvoNext has previously said that it was actively exploring strategic opportunities, including earlier this year, with a particular focus on reverse mergers.
–With assistance from Margaryta Kirakosian, Charles Capel and Myriam Balezou.
(Updates with statement from EvoNext and closing share price.)
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