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27 September 2023
press release

Serbia: Schoenherr advises shareholders of Maxbet on 51 % stake sale to Flutter for EUR 141m

Moravčević Vojnović and partners in cooperation with Schoenherr advised shareholders of Maxbet, Serbia’s #2 omni-channel sports betting and gaming operator, on the sale of 51 % stake to Flutter Entertainment plc ("Flutter"), a global leader in sports betting, gaming, and entertainment, for a cash consideration of EUR 141m.

The transaction is subject to customary regulatory clearances and is expected to close in Q1 2024. Flutter also has the opportunity to acquire the remaining 49 % in 2029.

This transaction marks a strategic milestone for both companies. For MaxBet, this partnership represents a significant leap forward, aligning perfectly with their strategy to strengthen their local presence and enforce innovative growth opportunities. It also underscores Flutter's commitment to securing strong positions in regulated markets and replicating past successes in similar ventures with local heroes in Georgia and India.

MaxBet is one of the leading gambling and betting companies in Serbia and Southeast Europe and is well known for its commitment to excellence and innovative player experiences. With over 4,400 gaming seats across 400 shops and 3,000 more in four countries, Serbia, Bosnia and Herzegovina, Montenegro, and North Macedonia, MaxBet celebrates 30 years of successful business this year.

Flutter Entertainment plc is a global leader in sports betting, gaming, and entertainment, dedicated to delivering exceptional experiences to players worldwide. With a strong portfolio of customer-facing brands and a vast global presence in over 100 countries, Flutter is setting new standards in the industry.

Schoenherr's team was led by Luka Lopicic (partner) and included Pavle Eric (attorney at law), Milos Jokic (associate, corporate/M&A), Zoran Soljaga (attorney at law, competition), Marija Vlajkovic (partner, employment & benefits), and Magdalena Petreska (attorney at law, regulatory). Jelena Arsic (partner) and Andrej Zoric (associate) advised on real estate matters.

Oakvale Capital LLP acted as the financial advisor to the sellers.

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