Flutter Entertainment has acquired an initial 51% stake in Serbian omnichannel sports betting and gaming operator for €141.0m (£122.6m/$149.0m) in cash.
The deal, Flutter says, provides the group with access to the regulated Serbian market and supports its ongoing expansion plans, including within the wider Balkans region.
The agreement also states that Flutter has the opportunity to acquire the remaining 49% in MaxBet in 2029.
Ranked among the leading operators in Serbia with an approximate 20% online share, MaxBet employs more than 2,400 staff. In the 12 months to June 2023, it posted €145.0m in regulated revenue and €32.0m worth of adjusted EBITDA.
The transaction remains subject to customary regulatory clearances but is due to close in the first quarter of 2024.
“I am excited to announce the addition of MaxBet to the Flutter portfolio,” Flutter chief executive Peter Jackson said. “This acquisition continues our progress against the strategic priorities we have set for our inte..