Penta Works With JPMorgan To Seek Fortuna’s ‘Strategic Options’

Penta is exploring options to operate sites and betting shops under the Fortuna, Casa Parulior and PSK brands for Fortuna, which currently operates in Poland, Croatia, Romania, Slovakia and the Czech Republic.

Fortuna’s sale could be worth up to 2 billion euros ($1.7 billion/$2.2 billion), according to Reuters, which broke the news. Penta first took over the company in 2005 after acquiring a 79.8% stake in Fortuna in 2017, before launching a takeover bid in 2018.

Penta told iGB it was evaluating alternatives that would most benefit the development of the Fortuna franchise while ensuring sustainable growth and long-term value creation, although it does not rule out exits.

“As the discussion is in its early stages, it is too early to speculate on a concrete outcome,” Penta said, “but the possibility of a majority sale is still within the domain of consideration.”

However, this does not necessarily mean that it will be fully cashed in the game. 파친코

“Penta remains committed to this sector as a long-term investor,” the company said. “Our continued interest in this industry is driven by a strong belief in its potential and its continued value.

“We find the sector attractive and look forward to continuing to stay in the sector.”

Fortuna taken private by Penta in 2018
Fortuna was delisted from the Warsaw and Prague stock exchanges after Penta was fully acquired through a Fort Bet Holdings subsidiary in 2018.

The delisting will free Fortuna from disclosures unfavorable to its rivals, the operator said at the time.

Former Paddy Power Online CEO Victor Corcoran is leading Fortuna to replace interim CEO David Van ̌k. Van ̌k took the helm in February 2022, seven years after Fer Wiederstrom, now the head of 888 Holdings, took the helm.

Next big CEE acquisition?

Fortuna’s presence across key markets in Central and Eastern Europe (CEE) could be an attractive acquisition target as the industry turns its attention to the region as a new revenue stream.

Entain has been the most aggressive acquirer in CEE thanks in part to its Entain CEE joint venture with Emma Capital. It acquired Poland’s STS Holdings a year later after acquiring a 75% stake in SuperSport, Croatia’s leading betting and gaming brand, in August 2022. While some shareholders have questioned such deals, Entain CEE is eyeing further deals for its market-leading omnichannel brand in the region.

Paddy power operator Flutter Entertainment has also made moves in the region. The company acquired an initial 51% stake in Serbian omnichannel sports betting and gaming operator MaxBet for 141 million euros in September. The deal also gives Flutter the opportunity to buy the remaining 49% of MaxBet in 2029.

The agreement gives Flutter access to the regulated Serbian market and supports ongoing expansion plans, including the wider Balkan region.

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