{"id":316737,"date":"2024-04-08T16:28:24","date_gmt":"2024-04-08T21:28:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=316737"},"modified":"2024-04-09T09:12:26","modified_gmt":"2024-04-09T14:12:26","slug":"apollo-cvc-capital-could-be-interested-in-entain-assets","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/","title":{"rendered":"Apollo, CVC Among PE Firms with Reported Interest in Entain Brands"},"content":{"rendered":"

The American depositary receipts (ADRs) of Entain (OTC: GMVHF) surged 9% Monday amid reports that private equity firms could be eying runs at some of the gaming company\u2019s brands.<\/p>\n

\"Entain\"
A Ladbrokes betting shop in the UK. Operator Entain could see bids from private equity firms if it decides to sell assets. (Image: Yahoo Finance<\/em>)<\/figcaption><\/figure>\n

An article in the British newspaper The Times<\/em> indicated Apollo Global Management (NYSE: APO) and CVC Capital are among the private equity shops that could consider making offers for Entain\u2019s various gaming brands. The possibility of the Ladbrokes owner considering asset sales is said to be heightened amid recent news that Chairman Barry Gibson will depart the gaming company before the end of September.<\/p>\n

\n

Last month, Entain hired financial advisory<\/a> firm Moelis to assist with the potential divestments of BetCity, Enlabs, Ladbrokes Australia, and Georgia-based CrystalBet in an effort to refocus on its core operations.<\/p>\n<\/div>\n

Activist investors, including Eminence Capital founder Ricky Sandler<\/a>, have pushed for change at Entain following a series of missteps at the company. Some have criticized a series of acquisitions executed by former CEO Jette Nygaard-Andersen. Sandler recently joined the gaming operator\u2019s board of directors.<\/p>\n

Apollo, CVC are Practical Bidders for Entain Assets<\/h2>\n

Should Entain engage in an extensive asset sale, Apollo and CVC would make for logical suitors. CVC Capital is the former owner of Sky Bet and holds a majority stake in German sportsbook giant Tipico.<\/p>\n

\n

Likewise, Apollo, which runs the Venetian on the Las Vegas Strip, is often tied to various gaming industry consolidation rumors. In 2021, the private equity firm was among the financial companies that made runs at William Hill\u2019s<\/a> international operations, which were ultimately sold to 888.<\/p>\n<\/div>\n

New York-based Apollo also owns a Canadian casino operator and an Italian sportsbook company, and has a lengthy track record of investments in the gaming space.<\/p>\n

It\u2019s not yet clear which Entain brands private equity bidders might be interested in. The operator\u2019s brands include Bwin, Coral, Ladbrokes, Partypoker, PartyCasino, SportingBet, and SuperSport, among others. Due to its footprint in South America and the upcoming liberalization of Brazil\u2019s<\/a> online betting market, SportingBet could lure suitors, but it\u2019s not clear if that unit could be on the auction block.<\/p>\n

Where BetMGM Figures Into Equation<\/h2>\n

Entian\u2019s 50% stake in BetMGM is one of the crown jewels in its portfolio, and how that business figures into a potential broad-based asset sale remains to be seen. Before her departure, Nygaard-Andersen said joint ventures don\u2019t last forever and, should Entain activists push the company to divest its BetMGM stake, that process would likely lure numerous suitors.<\/p>\n

\n

That group would almost certainly include MGM Resorts International (NYSE: MGM), which owns the other half of the betting brand and has frequently said it would like to control all of it. MGM executives have said they aren’t interested in rekindling takeover talks for Entain following the rejection of a $11.06 billion bid in January 2021.<\/p>\n<\/div>\n

Stirring speculation that MGM could eventually make an offer for the 50% of BetMGM it doesn\u2019t own, Keith Meister\u2019s Corvex Management took a 4.4% stake in Entain<\/a> last December. He\u2019s also a member of MGM\u2019s board and an investor in that company.<\/p>\n","protected":false},"excerpt":{"rendered":"

The American depositary receipts (ADRs) of Entain (OTC: GMVHF) surged 9% Monday amid reports that private equity firms could be eying runs at some of the gaming company\u2019s brands. An article in the British newspaper The Times indicated Apollo Global Management (NYSE: APO) and CVC Capital are among the private equity shops that could consider […]<\/p>\n","protected":false},"author":46,"featured_media":246198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1,1074],"tags":[81903,81966,81967,80968],"acf":[],"yoast_head":"\nApollo, CVC Capital Could Be Interested In Entain Assets<\/title>\n<meta name=\"description\" content=\"Apollo, CVC Among PE Firms with Reported Interest in Entain Brands.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apollo, CVC Capital Could Be Interested In Entain Assets\" \/>\n<meta property=\"og:description\" content=\"Apollo, CVC Among PE Firms with Reported Interest in Entain Brands.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-08T21:28:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-09T14:12:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/LB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/\",\"url\":\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/\",\"name\":\"Apollo, CVC Capital Could Be Interested In Entain Assets\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/LB.jpg\",\"datePublished\":\"2024-04-08T21:28:24+00:00\",\"dateModified\":\"2024-04-09T14:12:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Apollo, CVC Among PE Firms with Reported Interest in Entain Brands.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/apollo-cvc-capital-could-be-interested-in-entain-assets\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/LB.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/LB.jpg\",\"width\":1200,\"height\":800,\"caption\":\"A Ladbrokes betting shop in the UK. 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