Apollo Tables Offers AU $ 4B TAB

American private equity fund Apollo Global started chasing Australian private equity fund TAB, making an initial A $ 4 billion (€ 2.5 billion) acquisition offer Tabcorp Holdings rate.

Apollo bet assumes a US trust fund takes control of Tabcorp's betting and media division and its associated " slot machines " subsidiary of the machine.

A $ 3.5 billion secondary offer was offered to Apollo for the sole acquisition of the Tabcorp TAB division, in line with the revised offer proposed by Entain Plc last month.

Tabcorp said it will be updating With the Apollo and Entain offerings as company executives review the company's strategic options, weighing the potential sale of its betting division and spinning off the Tatts lottery and keno division. .

Despite interest in mergers and acquisitions, the chairman of Tabcorp Stephen Gregg stated that there is no guaranteed result of the sale of TAB, as the block showed better-than-expected financial results during difficult 2020 trading.

Tabcorp says its strategic review will explore the full scope of the company while maintaining its pledge to deliver long-term investment value that was pledged following the company's A $ 13 billion merger with Tatts Group in 2018.

An active player in the mergers and acquisitions of gambling, this week Apollo revealed its interest in acquiring the British and European divisions of William Hill, which had it for sale by the new owner of Caesars Entertainment.

The American fund seeks to increase its presence in disrupted the global gambling landscape with a series of consecutive billion-dollar M&A deals.

Apollo grows its gambling portfolio in Europe by acquiring Italian gambling assets Lottomatica Scommesse and combining them with Gamenet Group, while providing the Czech gambling conglomerate SAZKA Group ' s € 500 million M&A fund.

North American gambling investment, including recent acquisition by a firm Great Canadian Gaming Corporation over C $ 3.3 billion and an agreed $ 6 billion takeover of Las Vegas Sands casino property, a deal agreed in March