Entain Plc has completed its acquisition of leading Croatian bookmaker SuperSport, keeping track on its growth ambitions in Central and Eastern Europe (CEE).
Completed via the FTSE100 global betting and gaming group’s Entain CEE division, the takeover strengthens Entain’s foothold in the ‘highly attractive’ Croatian market, as SuperSport joins Entain’s enlarged CEE portfolio of Optibet (Estonia/Latvia) and Totolotek (Poland).
Terms of the initial agreement, announced in the firm’s H1 2022 trading results back in August, include a total transaction cost of €600m for a 75% controlling share in SuperSport, whilst Entain CEE was unveiled at the same time.
Jette Nygaard-Anderson, Entain CEO, said: “We are very pleased to have completed the acquisition of SuperSport, which is the first by the newly created Entain CEE.
“SuperSport expands our operations into the highly attractive and regulated Croatian market, as well as establishing Entain CEE as a strategic growth platform into the wider region.”
To support the takeover, as well as its wider growth ambitions in CEE, Entain partnered with Czech private equity fund EMMA Capital in August, which became a founding partner of Entain CEE.
On a financial basis, Entain has also provided some capital for the acquisition via a term loan of $1bn back in back in October, although this will also be used to maximise group liquidity and support its takeover of Dutch brand BetCity.nl.
Company leadership has earmarked CEE as an ‘undervalued’ region with strong potential for the group to secure ‘podium positions’, which projects a regulated online marketplace with a turnover of 5bn by 2025.
By acquiring a majority stake in SuperSport, Entain aims to secure a strong presence in Croatia for future use as a springboard for wider growth in Balkan markets, pointing to its new holdings’ 54% market share and existing proprietary tech solution.
Radim Haluza, SuperSport CEO and former CEO of prominent multinational CEE group Fortuna Entertainment, will head Entain CEE as CEO to coordinate and spearhead the company’s regional expansion.
“We look forward to working with Radim and the SuperSport team alongside EMMA Capital as we execute on this exciting opportunity,” Nygaard-Anderson concluded.