Entain acquires Dutch sports betting outfit BetEnt
Bookmaker Entain has agreed to acquire Dutch online sports betting and gaming operator BetEnt, which trades under the BetCity.nl name, from Sports Entertainment Media as part of a deal valued at as much as €850.0m.
Entain said on Tuesday that it will make an initial consideration of €300.0m for BetEnt, funded from existing cash resources, with a balancing payment to be paid in early 2023 based on the actual performance of BetCity in the financial year 2022.
The FTSE 100-listed group stated total consideration payable on current expectations was €450.0m. However, dependent on the performance of BetCity, the maximum consideration for the business has been capped at €850.0m.
Entain expects the addition of Entail to the group to deliver approximately €28.0m in cost synergies, predominantly from technology, content, and royalty benefits, by the end of 2026.
The acquisition was expected to complete during the second half of 2022.
Chief executive Jette Nygaard-Andersen said: "We are delighted that BetCity is joining Entain and are excited by the significant opportunities in the newly regulated Dutch market.
"This acquisition will provide customers with an even better experience as we combine BetCity's local expertise and brand alongside Entain's market-leading, customer-focussed platform."
As of 0810 BST, Bunzl shares were up 1.23% at 1,357.50p.
Reporting by Iain Gilbert at Sharecast.com