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Apollo Sets Insights on Tabcorp's Betting and Poker Machine Business

It should be noted that Australian gambling company Tabcorp has had a bit of a shopping spree over the past year for its betting and media business and gambling assets.

US private equity firm Apollo Global Management has submitted a 3.5 billion A $ bid for Tabcorp's betting and media operations to match the previous bid from UK gambling firm Entain.

Tabcorp confirmed on Thursday afternoon that Apollo is a suitor. The Australian company said that the New York-based acquisition firm has made a separate offer of 4 billion A $, and also Tabcorp's poker machine business He said it includes.

2017 Tabcorp and the Queensland-based company Tatts Group merger, the board has not yet formed an opinion on the merits of Apollo's second proposal and that the proposal is dependent on due diligence, financing, regulatory approval and approval by Tabcorp's racing industry partners in many Australian states and territories.

The company also said in a statement that it would consider the proposal in the context of the strategic review it announced earlier.

Back in the Australian gambling market, Entain, which operates the Ladbrokes and Neds brands, made a 3 billion A $ bid in February for Tabcorp's TAB and media unit. In March, the Australian company rejected it and a number of other offers, Entain'i bid to 3.5 billion A $ turned to sweetening.

Interest from Multiple Suitors Leads to Strategic Review

Outside of Entain and now Apollo, owned by the Murdoch family Fox Corporation , in partnership with Australian online sports betting veteran Matthew Tripp, is believed to be very interested in acquiring Tabcorp's betting and media operations.

This is a strategic review of the Australian company's board of directors on whether to sell their company. to start led to It may exclude the betting and media business or unit from its lottery operations and list it as a separate entity on the ASX.

The continued underperformance of Tabcorp's betting business has worried investors and the strong performance. Some of the lottery operations led some to push for the Tabcorp-Tatts merger to split.

Tabcorp's poker machine business is relatively small compared to the sweepstakes arm, meaning it could possibly be combined with the betting unit in the event of a split. This is Apollo's pokies job too The 4 billion A $ proposal, which includes the company, has much more traction with the company's board of directors than other proposals. It could mean you can win.

The US purchasing giant also operates William Hill's non-US business. Buyer believed to be a pioneer. Caesars Entertainment, Inc., the new owner of the British bookmaker, said it will vacate this unit and focus solely on its US operations.

Source: Apollo bids $4 billion for Tabcorp's betting, media and gambling assets, The Sydney Morning Herald, May 6, 2021