US Billionaire Michael Novogratz Buys DEAG Shares In Germany

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U.S. billionaire Michael Novogratz has reportedly acquired three percent of German promoter Deutsche Entertainment Aktiengesellschaft (DEAG).

According to German stock market news site boerse-online.de, Novogratz used to be Fortress Investment Group’s hedge fond manager, and is therefore no stranger to the investment business.

Novogratz is also the founder, CEO and chairman of Galaxy Digital, which he described as a company with the mission to “institutionalize the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain.”

According to the stock market experts at boerse-online.de, an investment by a U.S. financier should make DEAG’s shares more attractive in the eyes of local investors.

As should the company’s growth strategy over the past years, during which it has been successively increasing its shareholding in various businesses and thus increasing the earnings per share attributable to the shareholders.

At the beginning of the fourth quarter, for instance, DEAG increased its share in The Classical Company AG to 100 percent. Earlier this year, it announced the acquisition of the remaining 24.9 percent of MyTicket shares held by Axel Springer SE, in order to fully own the online ticketing system.

“In view of the fact that the calendar of events for 2019 is already filled to capacity, DEAG intends to continue to grow profitably and to profit from high-margin, high-turnover projects in all areas,” the company’s latest statement reads. The company’s executive board – CEO Prof. Peter Schwenkow, COO and CDO Christian Diekmann, CFO Detlef Kornett, and CFO Ralf Quellmalz – expects EBIT of at least €10 million ($11.5 million) for 2018 as a whole with sales revenues of over €200 million ($229 million).