Entain, the leading global operator, has managed to secure necessary approval for the acquisition of Enlabs, the leading Baltic-facing operator.
Entain initially made the bid in January, which was rejected by Enlabs shareholders, saying that it materially undervalued the business. Since January, the bid has been raised to SEK3.7bn (€364.3m).
The majority of shareholders (51%) voted to back the newest offer. The shareholders and board members that own 42.2% of Enlabs also backed the vote. Entain has also received all the necessary approvals from the relevant competition and gambling authorities.
The acceptance period was initially 18 February, but Enlabs, which recently acquired a majority stake in Shogun Group, managed to push the date to 18 March, to have enough time to secure all necessary approvals. However, officials from Entain say that the acceptance date might be moved again, to allow time for all conditions to be met.
Representatives from Entain say that they are looking forward to finalizing this acquisition and that its purchaser will have a home for both its customers and employees.
“Entain will be the best home for Enlabs, its employees and customers,” said Entain chief financial officer and deputy chief executive Rob Wood.
Entain recently began acquisition talks with Australia’s Tabcorp, the country’s largest gambling company, generating $2.1 billion in the fiscal year until June 2020. Entain, the former GVC Holdings, owns Ladbrokes, Coral, Party Poker, bwin and Sportingbet.
More About the Swedish Company
Enlabs, previously known as Nordi Leisure AB is a Swedish-based company which operates in the iGaming and betting industry. The company owns and operates and manages sports, casino and internet gaming operations. It also operates online casinos and land-based betting shops under Optibet, GoldClubCasino and Best brand names. The brand also provides sports results and conducts performance-based marketing and also offers online gaming on mobile devices. The company’s subsidiaries operate in Estonia, Latvia, Malta and in the Swedish market.
“Entain secures regulatory approvals for Enlabs acquisition”, entaingroup.com, March 9, 2021.