Entain PLC (LON: ENT), on Wednesday, announced to have acquired 365scores (sports media business) for $150 million. Shares ended roughly flat today.
Details of the 365scores acquisition
The betting and gambling company expects this acquisition that includes up to $10 million of contingent payments to help broaden its offerings and drive future growth. The press release reads:
The combination of 365sccores’ deep expertise in data-driven sports media content alongside Entain’s global scale and market leading platform capabilities will provide a broader offering of interactive content and experience.
Entain bought Croatia’s SuperSport Group last year to build its footprint in Central and Eastern Europe. Wall Street currently has a consensus “buy” rating on the UK stock that is currently down about 20% versus its year-to-date high.
Entain PLC has been active in M&A
365scores currently has more than 15 million active users, enough to find it a spot on the list of top five scores apps worldwide.
It’s the second acquisition Entain has announced within a month. In March, it spent $13.25 million to takeover Sportsflare from Tiidal Gaming to strengthen its position in esports.
Other brands Entain already owns include Ladbrokes, BetCity, Eurobet, Foxy Bingo, PartyCasino, and Optibet. The stock market news arrives about a week after the Douglas-headquartered firm announced a 25-year strategic partnership with TAB New Zealand.
Last month, Entain reported its full-year pre-tax profit and revenue that came in shy of Street estimates.
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