Ladbrokes owner Entain told markets this morning that it will raise £600m via the placing of shares which will help fund its latest acquisition of a Polish betmaker and other near term deals.
The betting giant said yesterday that it would takeover STS Holding S.A – Poland’s largest bookies – in a deal worth £750m.
The deal will be carried out by Entain’s central and Eastern European arm (CEE) alongside its partner EMMA Capital, who will fund 25 per cent of the offer.
“The transaction is perfectly aligned with our Entain CEE strategy and our wider M&A strategy of acquiring high quality businesses with leading positions in attractive, growing and regulated markets,” Jette Nygaard-Anderson, Entain’s chief said.
In April it snapped up Chinese based 365scores in a deal worth up to $160m (£128m).
It came as entertainment giant MGM crushed talks of a possible takeover of Entain, which hindered its share price.
The FTSE 100 Ladbrokes owner and US resort giant MGM currently operate a US joint venture BetMGM, which has proved extremely popular with punters.