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IN BRIEF: Ladbrokes owner Entain completes acquisition of BetCity

12th Jan 2023 12:01

Entain PLC - London-based gaming and sports-betting firm - Completes acquisition of Dutch sports betting operator BetEnt, which trades as BetCity. Entain pays EUR300 million, with an upcoming further contingent payment in early 2024 based on 10 times BetCity's financial year 2023 earnings before interest, tax, depreciation and amortisation excluding amounts already paid out, and a EUR50 million final payment when "delivery of synergies and successful migration to the Entain platform" occurs. Entain expects the total payment to be EUR450 million, noting that the maximum consideration is capped at EUR850 million. Entain expects cost synergies of EUR28 million by the end of 2026.

Entain announce the acquisition back in June 2022.

Current stock price: 1,469.00 pence, up 0.3% on Thursday

12-month change: down 15%

By Tom Budszus, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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