Apollo Global Management (NYSE:APO) is making another run at Tabcorp’s betting and media businesses. It is offering nearly $3.1 billion for the Australian company’s sought-after assets, while topping a recently revised bid of $2.7 billion from Entain Plc (OTC:GMVHY).
Ladbrokes signs at an Australian horse race. Owner Entain is getting competition from Apollo in a bid for Tabcorp assets. (Image:
Racing Post)
There are conditions with the Apollo pitch, which is valued at $4 billion in Australian dollars, or $3.09 billion based on current exchange rates.
At that price, the private equity firm wants Tabcorp to include its gaming services unit along with the media and sports-wagering businesses. If the Aussie bookmaker doesn’t want to part with the gaming services enterprise, Apollo, at least for now, is simply matching Entain’s offer for the media and sports betting arms.