Entain PLC (LSE:ENT) has raised £600mln via a placing and open offer to help fund the acquisition of Poland’s leading sports-betting operator, STS, announced after the market close Tuesday.
The owner of Coral and Ladbrokes agreed the £750mln acquisition, alongside its joint venture partner EMMA Capital.
Entain will fund 75% of the acquisition and said the net cash it would pay as part of the deal would be £450mln. EMMA will pay the balance.
The firm said the acquisition is expected to add "attractive synergies" to its CEE operation, noting that STS is the market leader in Poland.
Under the placing, around 48.3mln shares were issued at 1,230p per share while retail investors subscribed for around 486,000 shares at the same price.
Entain CEO Jette Nygaard-Andersen said: "STS is an exceptional business with a great brand, a compelling omnichannel offering, and an outstanding CEO and management team. The transaction is perfectly aligned with our Entain CEE strategy and our wider M&A strategy of acquiring high quality businesses with leading positions in attractive, growing and regulated markets."