Apollo Global Management Raises Bid to $2.7 Billion for Tabcorp’s Wagering and Media Arm

A major investment firm, Apollo Global Management, has increased their bid to acquire Tabcorp, an Australian wagering business. They are now proposing a substantial $2.7 billion for Tabcorp’s wagering and media divisions.

This revised proposition aligns with the offer made by Entain, a UK-based betting conglomerate, back in April 2021. Entain had previously expressed interest, initially suggesting $2.3 billion for the company facing challenges before raising their bid.

Notably, Apollo also presented an alternative: acquiring Tabcorp’s entire gambling enterprise – wagering, media, and gaming services – for a significant $3.1 billion.

Tabcorp’s leadership is proceeding cautiously, stating that they have not reached a decision on this updated offer. They are also ensuring all necessary preparations are in place – funding, thorough examination, regulatory permissions, and more.

This entire scenario arose because Tabcorp sought to explore their possibilities. They are attempting to determine the optimal approach to enhance value for their investors, whether that involves divesting the struggling wagering and media segment or establishing it as an independent entity.

Interest in Tabcorp remains high. Even media tycoon Lachlan Murdoch is said to be exploring the situation, recognizing a potential expansion opportunity for his Fox Corporation within Australia.