Online gambling giant Entain confirms $2.7 billion offer for Tabcorp division
European giant Entain has confirmed it has made a revised USD$2.72 billion offer to acquire Australian operator Tabcorp’s wagering and media division.
According to the statement from Entain: “Entain believes that the revised proposal is compelling both in terms of the value it represents for Tabcorp shareholders in cash, and certainty of deliverability.
“The Proposed Transaction would be in-line with Entain’s current M&A strategy, and presents an opportunity to acquire an attractive business, which when combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”
In its 2019 to 2020 financial year, Tabcorp’s wagering and media business brought in AUD$2.08 billion and earnings before interest, tax, depreciation and amortization of $371 million.
Entain is headquartered in the Isle of Man and has license in more than 18 countries. The group employs over 2,800 employees and contractors in locations across Europe, Oceania, Asia, North and South America. It currently operates the Neds brand in Australia, having acquired it in 2018, as well as Ladbrokes brand.
Editing by Rachel Hu