Entain Looks to the Baltics with Enlabs Offer
Entain (LON: ENT), the global gambling operator and owner of Ladbrokes and Coral, has made an offer to buy the Swedish betting group Enlabs AB (FRA: 8NL) for $343 million.
According to Entain’s CEO, Shay Segev, the acquisition is part of the company’s strategy to expand in new regulated markets. He has previously said that the company intends to exit unregulated markets by 2023.
The offer from Entain comes soon after the company rejected an $11 billion takeover bid from MGM Resorts. Now Entain has offered SEK40 for each Enlabs share, which is a 1.1% premium to the company’s closing price of SEK39.55 on Wednesday. Enlabs’ board has backed the offer and Entain hope that it will be completed in the first quarter of this year.
Entain's experience and track record in many different geographic markets, together with its market-leading proprietary technology and world-class marketing skills are key attractions for Enlabs as we look to grow in the Baltics and beyond.
Entain is aiming to expand its presence in the Baltics through the acquisition. Enlabs is firmly established in the region and focuses on Eastern Europe and the Nordics through its brands Optibet and NinjaCasino. It is thought that it will generate net gaming revenue of $109.8 million this year.
Braathen will stay in his role in order to help the group expand into the new markets and will be investing €15 million into shares in Entain within four months of the consideration under the offer.
Enlabs is already a strong and rapidly growing business in its own right, but we now have a fantastic opportunity to turbocharge its growth by leveraging the power of our unparalleled proprietary technology, scale, product and marketing expertise.
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