Entain stock surges on takeover rumors
There have been recent reports suggesting large private equity companies are considering purchasing all or a portion of Entain.Entain's stock price has increased by five...
Entain announces £750m STS purchase
Entain has recently announced that its CEE division will be purchasing the entirety of STS Holdings for a total of 750 million pounds.
The acquisition will be carried out with the help of Entain’s financing partner Emma Capital, which owns a quarter of the latter’s CEE division shares and will be funding 25% of the total consideration, leaving 450 million pounds for the operator.
Alongside announcing this acquisition, the operator announced an accelerated bookbuilding process to issue new shares to its existing shareholders, which is a process Entain estimates will be able to raise around 600 million pounds for the company to use for its latest purchase. It also added that the remaining 150 million pounds will be utilized for other forthcoming acquisitions in the near future.
STS’s Chief Executive, Mateusz Juroszek, along with his father, Zbigniew, own a combined 70% of the Polish operator through two family foundations. In its announcement, Entain mentioned that both of them have signed a contract to accept its purchase offer. Moreover, upon completion of this deal, Mateusz and Zbigniew will be reinvesting a certain portion of their profits from this deal into the acquiring firm for up to 10% of the latter’s shares.
Lastly, Entain stated that this acquisition will give it an excellent opportunity to expand its presence in the Polish regulated market. It also mentioned that if the country opens its regulated online gambling market, STS is in an excellent position to take advantage of it and grow further. Additionally, Entain added that STS’s CEO will maintain his position, as Mateusz has played an important role in the Polish firm’s expansion over the past decade.
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