Entain in talks to buy Tabcorp's media & wagering business

Ladbrokes and Coral owner Entain said on Tuesday that it has made a non-binding indicative offer to buy the wagering and media business of Australian betting firm Tabcorp.

Responding to Australian press speculation, the company - formerly GVC Holdings - said that while discussions are at an early stage, any transaction would be in line with its current M&A strategy of expanding across regulated international markets.

"As such, this would present an opportunity to acquire an attractive business which, if combined with Entain's existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company," it said.

Tabcorp confirmed in a separate statement earlier that it had received "a number of unsolicited approaches and proposals" about its wagering and media business.

“"The proposals were expressed to be confidential, indicative, non-binding and subject to numerous conditions including due diligence, financing and various regulatory approvals," Tabcorp said, adding that there was no certainty a deal would occur.