Jan 7, 2021
Ladbrokes Coral owner agrees £250m deal for Swedish gaming group
Entain, owner of Ladbrokes Coral bookmakers, has agreed a £250m deal to buy Swedish online sports betting and gaming company Enlabs amid a rush of consolidation across the gambling sector. The deal by Entain, previously known as GVC, comes just days after it announced it had rebuffed a proposed £8bn takeover by the US casino giant MGM Resorts, saying it "Significantly undervalued" the company. Entain said it expected the acquisition of Enlabs to be accretive to earnings in the first full year of ownership and that the Swedish company was expected to generate revenues of about £80m this year. Mr Segev said that buying Enlabs was "Perfectly aligned" with Entain's strategy of expanding into new regulated markets and that the Swedish group was "Already a strong and rapidly growing business in its own right". Along with the offer announcement, Entain also raised its profit guidance for the year for the third time since August after a surge in online gaming during lockdowns boosted betting activity.
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