Flutter Entertainment completes majority acquisition of MaxBet
FTSE 100 giant confirms 51% stake in Serbian operator following disclosure of transaction in September
Flutter Entertainment has completed the €141m deal to acquire 51% of Serbian operator MaxBet to expand its international operations.
The firm’s Flutter International subsidiary confirmed the completion of the deal on LinkedIn today, 17 January.
The acquisition of a majority stake in MaxBet was first announced in September.
Under the terms of the deal, Flutter has the option to acquire the remaining 49% of the business in 2029, with the transaction being funded on a debt- and cash-free basis.
Flutter will also pay a further undisclosed amount if MaxBet exceeds it expected financial performance in 2023.
The operator reported pro forma revenue of €145m in H1 2023, with 44% of that total coming from online operations.
The company also noted EBITDA of €32m for the first six months of the year.
The Serbian firm also operates across the Balkans, with a presence in Montenegro, North Macedonia and Bosnia and Herzegovina.
Daniel Taylor, Flutter International CEO, said: “MaxBet is a household name in the Balkans, and we’re incredibly proud to have them join our team.
“Their strong retail footprint, loyal customer base and passionate team make them an ideal partner for our expansion plans in the region,” he added.
Flutter Entertainment will deliver a brief Q4 and full-year 2023 trading update tomorrow, 18 January.
The operator is also set to dual list in the US before the end of the month, with a subsequent delisting from the Dublin Stock Exchange.