White & Case advises on sale of STS Holding to Entain CEE

Press Release
2 min read

Global law firm White & Case LLP has advised Poland's largest sports betting operator STS Holding S.A., and its majority shareholders MJ Foundation Fundacja Rodzinna and Fundacja Zbigniewa Juroszka Fundacja Rodzinna (Juroszek Family Foundations), on the planned sale of all their shares in the company to Entain Holdings (CEE) Ltd. (Entain CEE).

"The White & Case team advised STS Holding and its shareholders on a complex, landmark transaction, which will be one of the largest public-to-private deals in the Polish market in recent years," said White & Case partner Marcin Studniarek. "It follows our role advising the company on its PLN 1.1 billion IPO on the regulated market of the Warsaw Stock Exchange, making it the only sports betting company currently listed in Warsaw. We look forward to continuing to support STS Holding on its key transactions."

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 percent of STS Holding's share capital and accepted the offer to sell their 109,619,476 shares to Entain CEE. The transaction is conditional upon antitrust approval and is expected to be completed during the third quarter of 2023.

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 London Stock Exchange-listed Entain Group and Czech Republic investment fund EMMA Capital.

The White & Case team that advised on the transaction included partners Marcin Studniarek (Warsaw) and Philip Broke (London), local partners Bartosz Smardzewski and Jakub Gubański (both from Warsaw) and associates Damian Lubocki, Dawid Książek and Maciej Gac (all from Warsaw)

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