Ascend Sport Said to Mull Listing in Up to $740 Million Deal
(Bloomberg) — Switzerland’s Ascend Sport Technology AG is exploring strategic options, including a reverse merger with a listed shell company that could value the firm between 500 million and 600 million Swiss francs ($740 million), according to people familiar with matter.
The Kriens, Switzerland-based company, which specializes in sports marketing and digital perimeter advertising, is in discussions with SIX Swiss Exchange-listed shell company EvoNext Holdings SA that could bring it to the stock market through a reverse merger, the people said, who asked not to be identified because the matter is private.
The proposed transaction structure could value EvoNext at about 2.50 Swiss francs per share, some of the people said. EvoNext shares rose 2.5% to 2.05 francs apiece as of 1:34 p.m. in Switzerland on Monday, on more than 6,000 shares traded.
No binding agreement has been signed and the plans could still change, the people said. 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.
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 additional details on EvoNext valuation and share price reaction in third paragraph.)
©2026 Bloomberg L.P.
