(Alliance News) - Entain PLC on Wednesday said it has raised about GBP600 million, to help fund its acquisition of STS Holding SA.

Entain is a sports betting and gambling company, which owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet. STS is Poland's leading sports-betting operator.

Late Tuesday, the company said it will launch a tender offer to acquire the company for a total consideration of GBP750 million. The tender offer was intended to raise GBP600 million.

The placing price of GBP12.30 represents a 6.9% discount to the closing share price of GBP13.22 on Tuesday.

On Wednesday, Entain said it placed a total of 48.3 million shares at the placing price and said retail investors subscribed for 486,010 shares at the same price.

The placing and the retail offer together raised gross proceeds of about GBP600 million.

The net proceeds of the fundraise will be used to partly fund the acquisition of STS and the remainder will be used to fund further near-term acquisitions.

On Tuesday, 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 shares were flat at 1,321.50 pence each on Wednesday morning in London.

By Sophie Rose, Alliance News reporter

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