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Entain PLC (OTC:GMVHF)(OTC:GMVHY) plans to acquire Angstrom Sports for a total consideration of £81 million plus contingent payments totaling a maximum of £122 million, payable over three years.
Angstrom Sports offers sports modeling, forecasting, and data analytics across sports betting products and markets in the U.S.
The acquisition is expected to boost Entain's position, having a comprehensive suite of analytics, risk, and pricing capabilities for U.S. Sports betting products.
The buyout is expected to close in Q3 2023.
"We are delighted that Angstrom will be joining Entain, enabling us to accelerate the development of the Entain Platform. Their next generation forecasting, pricing and risk management capabilities will unlock significant opportunities across BetMGM's U.S. sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering. This acquisition will provide our customers with an unrivalled sports betting experience underpinned by enhanced in-house data-analytics, a global platform and market leading brand," stated Jette Nygaard-Andersen, CEO.
BetMGM is owned by Entain and MGM Resorts International (NYSE:MGM) in a 50/50 joint venture.
Last month, Entain's subsidiary launched a tender offer to fully acquire STS Holding S.A. for around £750 million in Poland and boost footprints across Central and Eastern Europe.
Also Read: BetMGM Launches Sports Betting App In Puerto Rico
Price Action: GMVHY shares closed lower by 0.89% at $16.62 on Friday.
