Entain's acquisition of STS Group gains traction

Globally-recognized gaming company Entain announced that it advanced the acquisition of Poland's leading bookmaker, STS Group. The company unveiled recently that it plans to acquire the bookmaker in a deal for some £750m. Now, on Wednesday, Entain confirmed that it has secured antitrust approval for the acquisition of the leading Polish sports betting operator.

The approval came from the President of the Office of Competition and Consumer Protection, effectively greenlighting the takeover of STS by Entain Holdings (CEE). According to Entain, the initial antitrust condition to the acquisition of STS, announced back in June, has been satisfied, clearing the path for the multi-million-dollar takeover.

In a statement released on July 12, 2023, the company revealed: "Entain plc, the global sports-betting, gaming and interactive entertainment group, is pleased to announce that Entain Holdings (CEE) Ltd. has received antitrust approval from the President of the Office of Competition and Consumer Protection for its acquisition of STS Holding S.A., the leading sports-betting operator in Poland." Additionally, Entain explained: "As such, the antitrust condition to the tender offer for STS, as referred to in Entain's acquisition announcement of 13 June 2023, has been satisfied."

According to the latest announcement, an outstanding condition for the takeover is to "receive acceptances representing at least 50% of the shares in STS." Previously, the Juroszek Foundations confirmed that they made an "irrevocable undertaking to tender their 70% shareholding" into the proposal, Entain explained. This otherwise means that the acceptance threshold will be met, judging by the company's latest statement. "The acceptance period for the Offer will commence on 14 July 2023 and is due to close in mid-August, with the closing of the transaction expected shortly thereafter," explained the statement released by Entain recently.

The approval from the antitrust marks important progress in Entain's plan to acquire STS. Upon confirming the initial announcement about the acquisition, the company's CEO, Jette Nygaard-Andersen, explained: "We are delighted to be acquiring the leading sports-betting operator in Poland, which is a hugely exciting and fast-growing market."

She added: "STS is an exceptional business with a great brand, a compelling omnichannel offering, and an outstanding CEO and management team." Nygaard-Andersen pointed out that the latest acquisition is in line with Entain CEE's strategy for growth and expansion via the acquisition of "high-quality businesses with leading positions in attractive, growing and regulated markets."

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