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Ladbrokes parent Entain strikes $482 million stake deal

25 June 2026
(PRESS RELEASE) -- Entain plc, the global sports-betting and gaming group, announces that it has entered into an agreement to sell a 20% interest in Entain Holdings Ltd. to its joint venture partner EMMA Capital.

- Total cash consideration of approximately €425 million (c£366m)
  • Comprising of €395m (c£341m) payable on completion, plus an additional payment in early 2027 to reflect FY26 financial performance
- Implies an enterprise value for Entain CEE of €2.1 billion (£1.9bn) and c10x EBITDA multiple
- Net proceeds will be used to reduce Entain’s outstanding debt
- Broadly neutral to EPS and adjusted cashflow
-Completion is expected in Q4 2026, subject to regulatory approvals

Aligned with the Group’s priority to maximise shareholder value, the Board has concluded to pursue an exit from Entain CEE to unlock the value created within Entain’s attractive portfolio.

- Entain continues to evaluate all strategic options to exit its remaining minority shareholding
- Future proceeds from the exit of Entain CEE will be used to reduce Group reported leverage below 3x, and excess capital returned to shareholders

Stella David, CEO of Entain, commented:

“Our initial divestment is a decisive first step towards Entain fully exiting Entain CEE and reflects our ongoing focus on maximising value for shareholders. This enables us to unlock the value created by our Croatian and Polish businesses’ and demonstrates our robust capital allocation discipline.

Driven by structural growth across our globally scaled portfolio and our improving operational execution, I am confident in our ability to deliver strong future cash-generation. Entain remains well positioned to be a long-term industry winner.”

Strategic rationale
Entain CEE consists of the two operating businesses, STS in Poland and SuperSport in Croatia, which delivered FY25 NGR of £522m (+7% YoY) and EBITDA of £184m (+7% YoY).

The Board decision to pursue an exit of the Entain CEE business reflects the following:

- Aligned with Group strategy to maximise shareholder value
  • Unlocking value created within the Group’s portfolio
  • Active execution of disciplined capital allocation
  • Full exit of Entain CEE supports the simplification of Group structure
- Unlocking value generated since ownership
  • Since Entain CEE’s formation (in 2022) through the Group’s acquisitions of SuperSport and STS, the business has performed strongly:
1. Maintained #1 market positions in both Croatia and Poland
2. STS sportsbook migrated to SuperSport platform’s enhanced customer offering
  • Online NGR and EBITDA delivered double-digit CAGR 2023-2025, on proforma basis
  • Well positioned to accelerate under the continued leadership of EMMA as proven CEE specialists
- Balance sheet and financial flexibility
  • Resolution of the Entain CEE option liabilities
  • Net proceeds from 20% divestment will be used to reduce Entain’s outstanding debt
1. c£20m annualized interest saving from debt reduction
- Future proceeds following the full exit will be allocated in line with the Group’s capital allocation framework; reducing Group reported leverage below 3x, and returning excess capital to shareholders

Updated guidance
Following the 20% divestment, Entain CEE will no longer be fully consolidated into the Group’s financial statements.

As a minority shareholder, Entain will continue to recognise its share of Entain CEE profits and dividends until such time as a full exit is achieved.

Reflecting the 20% divestment and de-consolidation of Entain CEE, Entain’s updated guidance is as follows:

- Reiterate expectations of 5-7% FY26 Online NGR growth in constant currency6 (on a like for like basis)
- FY26 Online EBITDA margin now expected to be in the range of 21-22% (previously 23-24% including Entain CEE)
- Remain comfortable with market expectations7 for FY26 Group Underlying EBITDA
- Remain on track to generate c£500m of annual adjusted cashflow2 in 2028

Further guidance details will be provided at Entain’s Interim Results on Thursday 13 August 2026, as appropriate.

Transaction structure
Upon completion of the Transaction, Entain’s shareholding in Entain CEE will decrease from 67.5% to 47.5%, with EMMA increasing its shareholding from 22.5% to 42.5% whilst the Juroszek family foundations (the "Juroszek family") maintain their existing 10.0% shareholding.

Concurrently, EMMA, MJ Foundation Fundacja Rodzinna and Fundacja Zbigniewa Juroszka Fundacja Rodzinna will enter into a separate voting agreement, under which it will grant the Juroszek family a put option over their 10% holding, exercisable in three tranches during the three years following completion. Under this voting agreement, the Juroszek family will assign to EMMA the full voting rights attached to their shares, subject to customary exceptions and effective upon completion of the Transaction. As such, from completion, EMMA will have majority control of Entain CEE joint venture.

A revised shareholders’ agreement for the joint venture will take effect on completion of the Transaction. This agreement will include customary board representation and minority protection rights reflective of Entain's status as a globally regulated business, and appropriate rights to facilitate Entain’s exit from the joint venture.

Related party transaction
Mateusz Juroszek is a member of the Juroszek family. By virtue of Mateusz Juroszek's directorship of Entain CEE, a subsidiary undertaking of Entain, Mateusz Juroszek and his affiliate, MJ Foundation Fundacja Rodzinna, are each considered a related party of Entain for the purposes of the UK Listing Rules and the Transaction therefore constitutes a related party transaction under UK Listing Rule 8.2.1R.

Pursuant to UK Listing Rule 8.2.2R, the Board confirms its view that the Transaction is fair and reasonable as far as the shareholders of Entain are concerned, and that the directors have been so advised by Morgan Stanley & Co. International plc.

Merrill Lynch International, Moelis & Company UK LLP and Morgan Stanley & Co. International plc are acting as Financial Advisers to Entain. Morgan Stanley & Co. International plc is also acting as Sponsor to Entain.

Ladbrokes parent Entain strikes $482 million stake deal is republished from iGamingNews.com.


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