Entain has agreed to sell a 20% stake in its Central and Eastern Europe business to joint venture partner EMMA Capital for about €425 million. The sale begins Entain’s exit from Entain CEE, which owns Croatian operator SuperSport and Polish betting brand STS.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval. Entain will use the money to reduce debt and sell its remaining stake later.
EMMA Capital increases control
Entain will sell the stake in Entain Holdings CEE Ltd to EMMA Capital, its Czech investment partner. The transaction includes €395 million payable at completion and another payment in early 2027 linked to Entain CEE’s 2026 financial performance.
The deal values Entain CEE at about €2.1 billion, or roughly 10 times EBITDA. After completion, Entain’s shareholding will fall from 67.5% to 47.5%. EMMA’s holding will increase from 22.5% to 42.5%. The Juroszek family foundations will keep their existing 10% stake in the business.
Voting deal gives EMMA majority
EMMA will gain majority voting control through a separate agreement with the Juroszek family foundations. The family will assign voting rights attached to its shares to EMMA, subject to standard exceptions.
The arrangement gives EMMA control of Entain CEE after the transaction closes. Entain will remain a minority shareholder until it completes the planned sale of its remaining interest.
A revised shareholder agreement will include board representation and minority protections for Entain. It will also include provisions intended to help Entain complete its full exit from the business.
STS and SuperSport remain core assets
Entain CEE operates through STS in Poland and SuperSport in Croatia. The two businesses generated £522 million in net gaming revenue in 2025, up 7% from the previous year.
The division also reported EBITDA of £184 million, also up 7% year-on-year. Both brands hold leading positions in their domestic markets.
Entain formed the CEE joint venture with EMMA in 2022 through the acquisition of SuperSport. The business expanded in 2023 when Entain CEE acquired Polish sportsbook and gaming operator STS.
Debt reduction drives deal
Entain will use net proceeds from the initial stake sale to reduce its outstanding debt. The company expects the reduction to save about £20 million a year in interest costs.
Entain CEE will no longer be fully consolidated in the group’s accounts after the sale closes. Entain will instead record its share of profits and dividends until the full exit is completed.
Entain plans to use proceeds from the remaining stake sale to reduce group leverage to below 3x. Any excess capital would be returned to shareholders.
