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Entain hires bankers to prepare for sale of PartyPoker - report
(Sharecast News) - Ladbrokes owner Entain has reportedly hired bankers to prepare for a sale of PartyPoker as it seeks to fend off activist investors by reinvigorating its core operations. According to Sky News, Entain is working with advisers from Oakvale Capital on a prospective sale of the online poker business.
Industry sources who have been contacted about the sale told Sky they expected it to fetch around £150m.
Its valuation represents a huge cut on the £5bn that PartyGaming, PartyPoker's then parent, was worth on the day of its London flotation in 2005.
The business, which has seen a mass exodus of customers in recent years, is non-core to Entain's business.
As well as Ladbrokes, Entain owns Coral and a stake in BetMGM, a major US betting player.
At 1325 GMT, the shares were up 4% at 764.20p.
Entain declined to comment on the report.
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