UK-based Entain Plc has made a non-binding offer to buy the wagering and media division of Australia’s largest gambling company, Tabcorp Holdings.
After the first media reports appeared in Australia, Entain released a statement confirming the story, adding: “Whilst discussions are at an early stage, any transaction would be in line with Entain’s current M&A strategy of expanding across regulated international markets.
“As such, this would present an opportunity to acquire an attractive business which, if combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”
Entain is not the only suitor to buy the Tabcorp wagering division, as the Australian company released its own statement saying: “Tabcorp confirms that it has received a number of unsolicited approaches and proposals in relation to a potential transaction involving Tabcorp’s wagering and media business.
“The proposals were expressed to be confidential, indicative, non-binding and subject to numerous conditions including due diligence, financing and various regulatory approvals. There is no certainty that any transaction will occur.”