Entain Sells 20 Percent Entain CEE Stake To EMMA Capital

Entain has started its planned withdrawal from Central and Eastern Europe with a €425 million sale to EMMA Capital. The deal gives Entain cash for debt reduction while handing its joint venture partner greater control of Entain CEE.

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Good to know

• As iGaming.org reported on last week, Entain will sell a 20% stake in Entain Holdings CEE Ltd to EMMA Capital.
• The transaction values Entain CEE at €2.1 billion, or about 10 times EBITDA.
• Entain expects completion in the fourth quarter of 2026, subject to regulatory approval.

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Debt Reduction Comes First

Entain will receive €395 million when the transaction closes, with another payment due in early 2027 based on FY26 performance. Total proceeds will reach €425 million, equal to £366 million.

The company plans to use the net proceeds to cut debt. Entain expects that to reduce annual interest costs by around £20 million.

That fits the strategy already underway at the group. Entain has spent the past year simplifying its brand portfolio, lowering leverage, and refocusing on core regulated markets.

Stella David, Entain chief executive, said:

“Our initial divestment is a decisive first step towards Entain fully exiting Entain CEE and reflects our ongoing focus on maximising value for shareholders.”

David also said she remained “confident in our ability to deliver strong future cash-generation”, and called Entain “well positioned to be a long-term industry winner”.

EMMA Capital Gains Control As Entain Steps Back

After completion, Entain ownership of Entain CEE will fall from 67.5% to 47.5%. EMMA Capital will increase its stake from 22.5% to 42.5%.

The Juroszek family will keep its 10% holding, but it will assign voting rights to EMMA Capital. That gives EMMA majority control of the joint venture.

Entain CEE was created in 2022 and includes SuperSport in Croatia and STS in Poland. Entain says both brands hold number one positions in their markets.

The unit produced FY25 net gaming revenue of £522 million, up 7%, and EBITDA of £184 million, also up 7%.

Once the deal closes, Entain CEE will no longer be fully consolidated in Entain group accounts. The group now expects FY26 online EBITDA margin of 21% to 22%, down from earlier guidance of 23% to 24% when CEE was included.

Entain kept its FY26 online net gaming revenue growth forecast at 5% to 7%. More details are expected with interim results on 13 August 2026.

The sale is broadly neutral to earnings per share and adjusted cashflow. Entain said proceeds from the later full exit should help bring reported leverage below three times, with any surplus returned to shareholders.

Entain shares remain down around 24% year to date, even after recovering some ground over the past month.

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