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Entain Targets Olympic Entertainment Group with a $1 Billion Bid
Entain Plc has reportedly made a $1 billion buy-out offer for Estonian operator Olympic Entertainment Group (OEG).
Citing anonymous sources, Bloomberg reported that Entain is up to acquire the company’s online business, OlyBet, alongside its operations in Lithuania and Croatia. Included would be an option to buy Olympic’s outstanding business in early 2023 based on performance.
OEG runs an approximate 100 casinos across Europe, the majority of which are located in the three Baltic states of Estonia, Latvia and Lithuania, and its acquisition would see the British betting firm become the region’s market leader. Both companies have declined to comment on the rumors.
Should rumors prove true, the purchase will build on Entain’s acquisition of Enlabs AB earlier this year. The €370 million purchase brought the Swedish iGaming company’s Optibet brand, OEG’s main competition in the online gaming space, under the umbrella of Entain. At the time, the company claimed Enlabs’ acquisition was in line with its expansion into new markets.
London-based private equity firm Novalpina Capital purchased OEG for €300 million in 2018. Entain’s alleged offer would make the company a good profit in just few years time.
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Author: iGaming Team