Key Points
- Entain has reached an agreement to transfer a 20% ownership interest in its CEE operations to partner EMMA Capital for approximately €425 million
- The transaction assigns a €2.1 billion valuation to the CEE division, with completion anticipated in the final quarter of 2026
- The CEE portfolio encompasses Poland’s STS and Croatia’s SuperSport, delivering £522 million in net gaming revenue during 2025
- Following completion, Entain’s ownership will decrease from 67.5% to 47.5%, while EMMA secures majority operational control
- The company has revised its 2026 projections, anticipating online net gaming revenue expansion of 5–7% and EBITDA margins between 21–22%
Entain Divests Fifth of CEE Portfolio to EMMA Capital in Major Strategic Move
Entain has finalized terms to transfer a 20% equity position in its Central and Eastern European operations to existing partner EMMA Capital in a transaction worth roughly €425 million.
The announcement came on June 25, 2026, with the agreement establishing a €2.1 billion enterprise valuation for the CEE division.
Payment structure includes €395 million due upon closing, with a subsequent performance-linked installment scheduled for early 2027.
Regulatory clearance remains pending, though closure is projected for Q4 2026. Entain has characterized this transaction as the opening phase of a complete divestiture strategy.
CEO Stella David emphasized the deliberate nature of the decision, describing it as “a decisive first step towards Entain fully exiting Entain CEE.” She highlighted the company’s commitment to optimizing returns for shareholders through this strategic realignment.
Understanding the CEE Business Unit
The CEE division comprises two dominant regional operators: Poland’s STS and Croatia’s SuperSport platforms. Each holds leading positions within their domestic markets.
Throughout 2025, these combined operations delivered £522 million in net gaming revenue. EBITDA reached £184 million, with both metrics advancing 7% compared to the previous year.
Since establishing the unit in 2022, Entain has achieved consistent double-digit expansion in online revenue and profitability. Strategic platform integration, including migrating STS’s sportsbook to SuperSport’s technology infrastructure, has accelerated this growth trajectory.
Post-Transaction Ownership Configuration
Upon finalization, Entain’s equity interest will contract from 67.5% to 47.5%. EMMA’s position will expand to 42.5%, establishing it as the controlling stakeholder in the partnership.
The Juroszek family maintains its 10% equity position. Crucially, however, voting authority associated with this stake transfers to EMMA, consolidating operational control.
Entain retains minority shareholder status throughout the transition period until completing its full withdrawal. The company continues receiving proportionate profit distributions and dividend payments during this interim phase.
Management noted that EMMA’s regional specialization positions it optimally to sustain momentum across Polish and Croatian markets.
Revised Financial Projections
Entain has adjusted its forward-looking financial estimates in conjunction with the transaction. Online net gaming revenue is now projected to expand 5–7% throughout 2026.
EBITDA margin expectations have been set at 21–22% for the period, representing a modest reduction from previous guidance. This adjustment accounts for removing CEE operations from consolidated reporting.
Notwithstanding near-term margin compression, Entain maintains confidence in achieving approximately £500 million in annual adjusted cashflow by 2028.
Leadership positioned the divestiture within a broader framework emphasizing disciplined capital deployment and sustained long-term shareholder value creation.
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