Entain aims to acquire BetCity

Entain aims to acquire BetCity

Added:
Entain aims to acquire BetCity

Entain is going to purchase BetCity and pay 300 million euros. The deferred conditional compensation is going to be in the amount of 550 million euros. 

Entain will buy BetEnt B.V’s whole capital share, and BetCity.nl operates under it. 

First payment is going to be done in cash, with additional payment to be done next year based on BetCity’s financial performance for this year. Another payment is going to be made in 2024 according to the company’s next year’s EBITDA results.

The deal is going to be completed later this year. After the purchase C-level executives are going to stay.

“We are excited about the fact that BetCity is going to link with us, also about the new opportunities which the Dutch market is going to bring. This partnership is going to offer clients new experiences. This deal forms the basis of our strategy to expand for operating in new regulated markets. We cannot wait to cooperate with Melvin and BetCity.”

stated J. Nygaard-Andersen, the chief executive officer of Entain.

“We are thrilled to combine with leading company Entain. United we will mark our place in the Dutch market in the future. Entain’s products are going to give us a chance to grow and provide our clients with better experience. Customers’ preferences are always at the center of everything both companies do. We cannot wait to make a better future.”

added M. Bostelaar, the chief executive officer of BetCity.nl.

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