Société des Bains de Mer has confirmed the sale of its 47% stake in Betclic Everest Group, a French online gambling company, in a deal that garners a €710 million profit for Monaco’s largest company.
After announcing the upcoming sale on 11th May 2022, the Société des Bains de Mer and the Cercle des Etrangers in Monaco on Friday 1st July confirmed that its subsidiary, the Luxembourg company Monte-Carlo SBM International S.à.r.l. (SBM International), had transferred on 30th June 2022, by sale and contribution, the entire 47.30% stake it held in Betclic Everest Group (BEG) to Dutch company FL Entertainment N.V. (FL Entertainment).
As a result, FL Entertainment is now listed on the regulated market of Euronext Amsterdam, and SBM International holds 4.95% of the voting rights and 10.39% of the effective economic rights of this company.
“This transaction, which will result in a very significant favourable impact on the consolidated financial statements of the S.B.M. for the 2022/2023 financial year, gives SBM International the financial means to pursue its development strategy, while maintaining a significant stake in a world leader in entertainment operating in attractive market segments with strong growth potential,” said the company in a press statement.
The deal values SBM International’s stake in BEG at €850 million, compared with its initial financial investment of €140 million in 2009.
The transfer is part of a business cooperation agreement between Pegasus Entrepreneurial Acquisition Company Europe B.V. (Pegasus Entrepreneurs) and FL Entertainment, combining, according to SBM, two complementary and successful businesses in two attractive market segments with high growth potential: Banjay (the largest independent content production company in the world, operating over 120 production companies across 22 countries) and BEG.
“SBM International’s participation in this transaction will ensure the continuation of a successful partnership, undertaken with Stéphane Courbit (future chairman of the FL Entertainment board) since May 2009, when SBM International acquired its stake in BEG,” said the Monegasque company in May.
Photo by Cassandra Tanti, Monaco Life