U.K.-based Entain Plc is continuing its search for acquisition properties, this time offering to purchase Tabcorp Holdings, the wagering and media division of Australia’s largest gambling company.
“While 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,” the company said in a statement. “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.”
The wagering and media division accounts for around 40 percent of Tabcorp’s revenue. The division also has a 43 percent share of the country’s horse racing and sports betting market, according to Asia Gaming Brief.
Entain declined to discuss valuation of the potential acquisition.
The company may have competition, according to Tabcorp.
The Australian named Blackstone and Morgan Stanley as additional suitors. Blackstone is supposed to be readying an AUS $3 billion (US$2.3 billion) bid. Blackstone has expanded its gambling portfolio by investing in regional players around the world, including MGM Resorts.
