Listen To Article
According to a report in the Financial Times, Entain has hired advisors to oversee the possible sale of several of its overseas brands.
Those brands that could be sold include BetCity, Enlabs and CrystalBet, as well as a potential sale in Australia.
BetCity is a Dutch online sports betting operator, one Entain completed the acquisition of in January 2023.
Jette Nygaard-Andersen resigned as CEO of Entain late last year, with the operator’s M&A and financial performance under heavy scrutiny, with shareholders and key investors questioning whether there was a clear path forward for the industry giant.
An example of this was seen back in June when New York-based investment firm, Eminence Capital, published an open letter to Entain’s Board of Directors, showing its disapproval of Entain’s proposed acquisition of STS Holdings.
Gambling Insider understands Wall Street boutique advisory Moelis has been appointed to advise the entire board alongside BoA and Morgan Stanley, as well as the CAC committee.
This latest news from Entain would point towards the company looking to find new ways to take itself forward after a difficult 2023, which included reporting £936.5m ($1.2bn) in loss for the full year.
Though advisors have been appointed, Gambling Insider understands that disposals are not definitely to follow from the reviews and that Entain is looking at all possible options to maximise value for the group.
This week also saw reports surface claiming that Entain was reportedly preparing the sale of online poker card room, PartyPoker, hiring advisors from Oakvale Capital to help with the sale.
Entain’s share price as of 11:35GMT was 754.82 GBp, a 2.85% drop from close of market yesterday. This week has seen the lowest stock prices since August 2020, falling below that of December 2023.
