TIDMENT
RNS Number : 5561M
Entain PLC
12 January 2023
12 January 2023
Entain plc
("Entain" or the "Group")
Completion of the acquisition of BetCity in the Netherlands
Entain plc (LSE: ENT), the leading global sports betting, gaming
and interactive entertainment group, is pleased to announce the
completion of the acquisition of BetEnt B.V., which trades under
the BetCity.nl name ("BetCity" or the "Company").
BetCity is one of the Netherlands' leading licensed operators in
the newly regulated online sports betting and gaming market. Since
its licencing in October 2021, BetCity continues to deliver strong
growth, maintaining its established leading share of approximately
20%(1) of this attractive fast-growing market.
Jette Nygaard-Andersen, CEO of Entain, comments:
"We are pleased to have completed the acquisition of BetCity.
The combination of BetCity's local expertise and strong brand,
alongside Entain's global scale and market-leading platform
provides customers with an enriched and broader offering of
engaging products, fresh content and new experiences.
This transaction further underpins our growth strategy of
operating in, and expanding further into, attractive regulated
markets. We look forward to working with Melvin and the BetCity
team as we execute on the significant opportunities in the Dutch
market."
As announced on 14 June 2022 ( Link ), the consideration
structure is as follows:
-- Initial consideration of EUR300m (approximately GBP266 m(2) )
paid on completion. A balancing payment will be paid once BetCity's
financial performance for 2022 is confirmed;
-- A further contingent payment will be paid in early 2024,
based on 10x BetCity's EBITDA for the financial year 2023, less
amounts already paid out;
-- In addition, a final contingent payment of EUR50m
(approximately GBP44m(2) ) will be paid on delivery of synergies
and successful migration to the Entain Platform;
The total consideration payable, on current expectations, is
EUR450m (approximately GBP399m(2) ). However, dependent on the
performance of BetCity, the maximum consideration is capped at
EUR850m (approximately GBP753m(2) ). T he combination is expected
to deliver approximately EUR28m (approximately GBP25m(2) ) of cost
synergies, predominantly from technology, content and royalty
benefits, by the end of 2026.
The initial consideration has been funded from the proceeds of
the Group's re-financing announced on 19 October 2022 and existing
cash resources.
Notes
(1) Source KSA report GGR Q4 2021 Online kansspelmarkt : de
stand van zaken - Kansspelautoriteit
(2) EUR / GBP FX rate of 0.8856 as per Bloomberg on 11 January
2023
Enquiries
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications Officer david.lloyd-seed@entaingroup.com
Davina Hobbs, Head of Investor Relations davina.hobbs@entaingroup.com
Callum Sims, IR Manager callum.sims@entaingroup.com
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate Communications lisa.attenborough@entaingroup.com
Jay Dossetter, Head of Corporate PR jay.dossetter@entaingroup.com
Jodie Hitch, PR Manager Jodie.hitch@entaingroup.com
Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening/Nick Hayns/Sam Austrums entain@powersco urt-group.com
About Entain
Entain (LSE: ENT) is a FTSE100 company and is one of the world's
largest sports-betting and gaming groups, operating both online and
in the retail sector. The Group owns a comprehensive portfolio of
established brands; Sports brands include BetCity, bwin, Coral,
Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports
Interaction and SuperSport; Gaming brands include Foxy Bingo, Gala,
GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino.
The Group owns proprietary technology across all its core product
verticals and in addition to its B2C operations provides services
to a number of third-party customers on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK with operations in over 40
regulated or regulating territories. Entain is a leader in ESG, a
member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group
has set a science-based target, committing to be carbon net zero by
2035 and through the Entain Foundation supports a variety of
initiatives, focusing on safer gambling, grassroots sport,
diversity in technology and community projects. For more
information see the Group's website : www.entaingroup.com .
LEI: 213800GNI3K45LQR8L28
Important notices
Certain statements in this announcement are forward-looking
statements, including with respect to Entain's expectations,
intentions and projections regarding its future performance,
strategic initiatives, anticipated events or trends and other
matters that are not historical facts and which are, by their
nature, inherently predictive, speculative and involve risks and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. All
statements that address expectations or projections about the
future, including statements about operating performance, strategic
initiatives, objectives, market position, industry trends, general
economic conditions, expected expenditures, expected cost savings
and financial results are forward--looking statements. Any
statements contained in this announcement that are not statements
of historical fact are, or may be deemed to be, forward--looking
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limited to, commercial, operational, economic and financial
factors, that could cause actual results, financial condition,
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond
Entain's ability to control or estimate precisely, such as changes
in taxation or fiscal policy, future market conditions, currency
fluctuations, the behaviour of other market participants, the
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reliance on forward-looking statements. Forward-looking statements
speak only as of the date of this announcement. Entain and its
affiliates, and any of its or their respective directors, officers,
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"Representatives") expressly disclaim any obligation or undertaking
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise
unless required to do so by applicable law or regulation.
In particular, no statement in this announcement is intended to
be a profit forecast or profit estimate and no statement of a
financial metric (including estimates of EBITDA, profit before tax,
free cash flow or net debt) should be interpreted to mean that any
financial metric for the current or future financial years would
necessarily match or exceed the historical published position of
Entain and its subsidiaries. Certain statements in this
announcement may contain estimates. The estimates set out in this
announcement have been prepared based on numerous assumptions and
forecasts, some of which are outside of Entain's influence and/or
control, and is therefore inherently uncertain and there can be no
guarantee or assurance that it will be correct. The estimates have
not been audited, reviewed, verified or subject to any procedures
by Entain's auditors. Undue reliance should not be placed on them
and there can be no guarantee or assurance that they will be
correct.
This announcement is being issued by and is the sole
responsibility of Entain. No representation or warranty, express or
implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by or on behalf
of, Entain (apart from the responsibilities or liabilities that may
be imposed by the Financial Services and Markets Act 2000, as
amended or the regulatory regime established thereunder) or by its
affiliates or any of its Representatives as to, or in relation to,
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available to or publicly available to any interested party or its
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on behalf of Entain or any of its affiliates or any of its
Representatives in connection with Entain and any responsibility
and liability whether arising in tort, contract or otherwise
therefore is expressly disclaimed.
The person responsible for arranging for the release of this
announcement on behalf of Entain is Emily Carey (Company
Secretary).
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ACQSFAFSEEDSEIF
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January 12, 2023 06:01 ET (11:01 GMT)
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