Entain has agreed to sell a 20% stake in its Central and Eastern European operations to joint venture partner EMMA Capital, marking the initial phase of a planned complete withdrawal. The transaction is scheduled for completion in the fourth quarter of 2026, pending regulatory approvals.
Deal Terms and Ownership Structure
The agreement requires a €395 million payment upon closing, followed by a secondary payout in early 2027 tied to the division’s fiscal year 2026 results. The combined cash consideration reaches approximately €425 million, establishing an enterprise value of €2.1 billion for the CEE segment. Entain will direct the net proceeds toward debt reduction. Once finalized, Entain’s ownership will decrease from 67.5% to 47.5%, while EMMA Capital’s share will rise from 22.5% to 47.5%. The Juroszek family will retain its 10% holding.Strategic Rationale and Division Performance
Management cited three primary factors for the withdrawal: structural simplification, value realization following the 2022 joint venture formation, and balance sheet optimization. The company aims to lower group leverage below 3x and distribute surplus capital to investors. Entain CEE, which operates the STS brand in Poland and SuperSport in Croatia, generated £522 million in net gaming revenue during fiscal year 2025, representing a 7% year-over-year increase. EBITDA for the same period reached £184 million, also up 7%. Revenue from the region declined 6% in the first quarter of 2026 compared to the prior year. "Our initial divestment is a decisive first step towards Entain fully exiting Entain CEE and reflects our ongoing focus on maximising value for shareholders," stated CEO Stella David.The CEE division was established after Entain acquired a 75% stake in SuperSport for €690 million in 2022, followed by the £750 million purchase of STS in 2023. Both operators have maintained leading market positions in their respective countries since integration. The financial and operational details were provided in Entain’s official corporate announcement.