Entain (ENT.L): Phased exit of Entain CEE announced, beginning with initial 20% divestment

研报英文原文证据摘录

Entain (ENT.L): Phased exit of Entain CEE announced, beginning with initial 20% divestment

Equity Research

25 June 2026 | 4:02PM BST

Entain (ENT.L): Phased exit of Entain CEE announced, beginning with

initial 20% divestment

Entain announced plans today (25th June) for a phased exit of Entain CEE, their Ben Andrews, CFA

+44(20)7774-5489 |

Central & Eastern European JV, beginning with an initial divestment of a 20% stake. ben.andrews@gs.com

Goldman Sachs International

Agreed 20% sale: Entain has entered an agreement to sell a c.20% stake of Entain Poppy Boyd-Taylor

+44(20)7774-2994 | poppy.boyd-

CEE to JV partner EMMA Capital, for a total consideration of c.€425mn (c.£366mn). taylor@gs.com

Within this, €395mn is payable on completion, with the remainder paid in 2027

Leo Mosebased on 2026 financial performance. The transaction is expected to close in 4Q26, +44(20)7051-2439 | leo.mose@gs.com

subject to regulatory approvals. Goldman Sachs International

Implied valuation: The agreed transaction implies an Entain CEE EV of €2.1bn

(£1.9bn), and a c.10x EV/EBITDA multiple, according to the company. We note this is

slightly higher than the Entain CEE valuation implied by the put option liability

recognised in Entain’s FY25 balance sheet (which was £587mn for a 32.5% minority

stake, implying a total valuation of c.£1.8bn).

Use of proceeds: Net proceeds of the 20% divestment will be used to reduce debt.

Entain will evaluate options to exit its remaining minority holding, with future

proceeds used to reduce leverage below 3x and return excess capital to

shareholders.

Implications for Entain Group financials: After the 20% divestment, Entain’s

shareholding would decrease to 47.5% from 67.5%, and Entain CEE would no longer

be fully consolidated in Entain’s financial statements.