Business
£250m Offer for Enlabs AB
£250m Offer for Enlabs AB.
About this update from Entain Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9012K\n Entain PLC\n 07 January 2021\n \n \n \n \n 7 January 2021 \n \n \n Entain plc\n \n \n (\"Entain\" or the \"Group\")\n \n \n \n \n \n Entain extends into the Baltic Markets with £250m Offer for Enlabs AB\n \n \n Full year expectations upgraded\n \n \n \n \n \n Entain plc (LSE: ENT), the global sports-betting and gaming group, formerly known as GVC Holdings, has today announced a recommended cash offer for Enlabs AB (\"Enlabs\" or the \"Company\"). The acquisition further delivers on Entain's strategy of expansion across new regulated international markets. \n \n \n \n \n \n Highlights\n \n \n · \n A recommended cash offer of SEK 40 for each Enlabs share\n \n \n · \n This values Enlabs at around SEK 2.80 billion (approximately £250 million) (1)\n \n \n · \n The offer represents a premium of approximately 15.6% and 42.3% compared to the volume-weighted average price of an Enlabs share during the last 90 and 180 trading days prior to the announcement of the offer, respectively\n \n \n · \n The offer has been recommended by Enlabs' board, and shareholders holding in aggregate approximately 42.2% of the total number of Enlabs shares have undertaken to accept the offer\n \n \n · \n Enlabs is an established and leading gaming company operating in fast-growing markets across the Baltics, with further growth opportunities across Eastern Europe and the Nordics\n \n \n · \n Based on analyst consensus(2) for the year to 31 December 2021 Enlabs is estimated to generate net gaming revenue of €89.5m (c.£80.5 million) and EBITDA of €23.5m (c.£21.1 million) (3)\n \n \n · \n The acquisition is expected to be earnings accretive in Entain's first full year of ownership\n \n \n · \n Full year 2020 EBITDA is now expected to be in the range of £825m to £845m, representing an increase of 6-8% compared to Q3 guidance\n \n \n \n \n \n Delivering Entain's growth strategy\n \n \n Enlabs predominantly operates online sports-betting and gaming brands across the fast-growing Baltic region with a small retail presence. It is the market leader in Latvia, the second largest in Estonia and a top-five operator in Lithuania. In November 2020 Enlabs completed the acquisition of Global Gaming, which enables Enlabs to extend its operations into the Nordics through successful and prov...