White & Case has advised the STS Holding and its majority shareholders – MJ Foundation and Fundacja Zbigniew Juroszek – on the sale of the company to Entain Holdings. Clifford Chance and Freshfields Bruckhaus Deringer reportedly advised Entain.
The STS Holding is Poland's largest sports betting operator. Entain CEE is a regional regulated betting and gaming company. The transaction remains contingent on regulatory approval.
According to White & Case, “the PLN 24.80 per share sale of the shares in STS Holding to Entain CEE, via a voluntary tender offer, values the company at nearly PLN 4 billion. The Juroszek family foundations currently hold nearly 70% of STS Holding's share capital and accepted the offer to sell their 109.6 million shares to Entain CEE.”
According to the firm, “following the successful completion of the tender offer, the Juroszek family foundations – which are controlled by Mateusz Juroszek and Zbigniew Juroszek – will reinvest a proportion of the sold shares in STS Holding in return for an economic stake in Entain CEE, a venture between the London Stock Exchange-listed Entain Group and Czech Republic investment fund EMMA Capital.”
Back in 2021, White & Case had also advised on STS Holding’s Warsaw IPO (as reported by CEE Legal Matters on December 17, 2021).
The White & Case team included Warsaw-based Partner Marcin Studniarek, Local Partners Bartosz Smardzewski and Jakub Gubanski, and Associates Damian Lubocki, Dawid Ksiazek, and Maciej Gac as well as London-based Partner Philip Broke.