The board of directors for Enlabs has endorsed the sale of the company to Entain for $343 million. The transaction is expected to be finalized by mid-April and supports Entain’s strategy of expanding into new international markets.
Enlabs has already established itself as a leading gaming organization in the Baltic Countries and is behind some popular online gaming brands, including the Nutz Casino and http://ninjacasino.com/fi/vedonlyonti.It’s also the market leader in Latvia, the second-largest in Estonia, and one of the largest operators in Lithuania.
Chairman of the Board of Enlabs, is proud of the company’s achievements as well as the future outlook for its brands. “Enlabs has achieved an enormous amount as an independent business,” says he. “But we recognize the trend of industry consolidation and the growing importance of scale.”
The Entain name is just as prominent in the world of sports betting and online gaming. It’s the owner of many established brands such as Ladbrokes, Sportingbet, and Coral. Their online gaming brands are just as popular, including PartyCasino, Foxy Bingo, and CasinoClub. It’s also in partnership with MGM Resorts to further develop its outreach on sports betting and gaming in the United States. Entain even currently holds licenses in 20 countries across the world.
Entain has been exploring acquisitions in the Baltic region for some time. The company has noted that it’s locally regulated and has a rapidly growing gaming market. Enlabs provides the ideal opportunity due to its high operating standard and customer proposition which is considered market-leading.
Entain explained that the acquisition is a smart move for Enlab as it provides them with a growth opportunity courtesy of Entain’s marketing expertise, products, and patented technology. “Enlabs is already a strong and rapidly growing business in its own right,” said the company. “The acquisition of Enlabs is perfectly aligned with our strategy of expanding across regulated international markets.”
With the deal all but finalized, Entain believes the acquisition of Enlabs will also help them expand into adjacent markets such as Belarus and the Ukraine, which recently legalized several forms of gambling. The company believes that the combination of scale and diversification will be essential to continue to create shareholder value.
Entain has confirmed the Chairman of the Board of Enlabs will stay with Enlabs to support the transition to a group operation as well providing guidance to the new owners on sustainable growth across the Baltic region. The company has also advised that they have no plans to make any material changes to the operations, management, or existing employees.