Entain to buy Poland-based betting operator for $946 million (updated)

Sts Holding SA

13/06/2023 18:00

(Adds details on deal in paragraphs 2 to 5, background on
Entain's acquisitions in paragraph 7)
       June 13 (Reuters) - Ladbrokes-owner Entain Plc  ENT.L 
said on Tuesday its Central and Eastern European (CEE) venture
will buy Poland-based sports betting operator STS Holdings
 STH1.WA  for 750 million pounds  ($946 million) with its
partner EMMA Capital. 
    Entain, which owns Coral betting shop as well as the bwin
and partypoker online brands, will pay about 450 million pounds
of the net cash consideration of the acquisition.
    Entain and EMMA Capital own 75% and 25%, respectively, of
the venture Entain CEE, and will fund the deal in that
proportion, the gambling firm added.   
    The London-listed group will fund its portion through a mix
of equity placing and retail offer.
        Separately, Entain, said it would raise about 600
million pounds through an immediate launch of an accelerated
bookbuild.
    Under the deal, STS shareholders will receive 24.8 Polish
zlotys ($5.97) for each STS share held. 
   Entain has added several betting groups to its portfolio,
including 365scores in April this year.  

($1 = 0.7927 pound)
    ($1 = 4.1504 zlotys)
  

 (Reporting by Prerna Bedi and Shreyaa Narayanan in Bengaluru;
Editing by Shailesh Kuber)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))