Earnings+More - M&A extra: Entain buys STS
M&A extra: Entain buys STSEntain raises £600m to fund Polish bookmaker buyout, OpenBet buys Neccton, IGT slots consortium emerges +MoreGood morning. On today’s agenda we have an M&A extra looking at yesterday evening’s announcement from Entain that it was buying Poland’s number-one bookmaker STS.
See, Cee Cee Rider, I said see, what you have done now. STS buyoutThe deal to buy a controlling stake in STS has been done via the Entain CEE vehicle set up last year in tandem with EMMA Capital. On pole: Entain and its eastern European JV partner have snapped up Poland’s number-one bookmaker in a deal worth £750m, which gives Entain CEE a podium operator in a key European market.
It’s a family affair: STS is the market leader in the partially restricted Polish market, generating PLN662m of NGR in 2022 and adj. EBITDA of PLN273m. Its NGR CAGR since 2020 stands at 24% while adj. EBITDA CAGR for the same period is 34%.
Say what you CEE: The Entain CEE JV was formed last summer when Entain bought a 75% stake in the EMMA Capital-owned SuperSport for €600m.
Raise: This morning, Entain confirmed it has raised £600m via a share placement and retail offer, with Merrill Lynch and Morgan Stanely acting as underwriters. The placing was priced at £12.30, a 6.9% discount to yesterday's closing share price, and represents 8.3% of Entain’s shares.
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Add to basket: Regulus said they believed the acquisition was a “high-quality, low-risk deal at a win-win price”. With leading positions now in Croatia and Poland, the team added it was “not difficult to imagine a shopping list” elsewhere in the CEE region.
Neccton buyoutOpenBet has bought the AML and responsible gaming service provider for an undisclosed sum. Regtech momentum: Endeavor’s sports-betting platform provider OpenBet has bought the Germany-based Neccton, with OpenBet CEO Jordan Levin saying the deal was hugely complementary.
IGT consortiumReports suggest ‘casino icon’ Gary Green is putting together a consortium of investors to buy the IGT slots business. Go green: According to a Yahoo-published press release, Green is pulling together a disparate group of unnamed tribes and Chinese investors to fund an acquisition of the IGT games business. This follows the news last week that IGT is undergoing a strategic review with the sale of its gaming and digital businesses on the table.
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