(Alliance News) - Entain PLC on Tuesday said Entain Holdings (CEE) Ltd has agreed, alongside its joint venture partner EMMA Capital, to acquire 100% of STS Holding SA.

Entain is a sports betting and gambling company, which owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet. Entain CEE is the firm's Central and Easter Europe operation.

The firm said it will launch a tender offer to acquire the company for a total consideration of GBP750 million. The tender offer is intended to raise GBP600 million.

STS is Poland's leading sports-betting operator.

Entain said it will fund 75% of its acquisition, while EMMA will fund the remaining 25%, in proportion to both companies' current shareholdings in STS.

Th firm said the acquisition is expected to add "attractive synergies" to its CEE operation, noting that STS is the market leader in Poland.

Entain CEO Jette Nygaard-Anderson 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."

Entain shares closed up 1.8% at 1,321.50 pence each in London on Tuesday.

By Harvey Dorset, Alliance News reporter

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