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Fiona Simmons August 21, 2023 2 min read
FS Gaming Terminates Voting Rights Deal with Segev
The termination of the contract comes in the wake of FS Gaming’s failure to put former Entain executives in leadership roles at 888
FS Gaming Investments is ending its voting rights agreement with Shay Segev, Entain’s former chief executive. This was announced in a regulatory filing filed by 888.
FS Gaming Investments is a fund owned by three ex-Entain (formerly GVC Holding) executives, namely Kenny Alexander, Lee Feldman and Stephen Morana. The new filing says that Segev, who used to be Alexander’s successor at Entain/GVC, has terminated his voting rights agreement with the fund.
As a result, Segev transferred the voting rights attaching to a total number of 9,063,313 ordinary shares in 888 Holdings (£0.005/$0.0064 each) to FS Gaming Investments.
Following the termination of the deal, FS Gaming Investments will retain a 4.55% stake in 888 and will have its voting rights reduced.
Entain’s Trouble Prevented FS Gaming’s Arrangement with 888
The termination of the contract comes in the wake of FS Gaming’s failure to put former Entain executives in leadership roles at 888. Kenny Alexander, for example, sought the role of a CEO at the gambling holding, while Feldman and Morana sought the roles of chair and CFO, respectively.
The proposal was eventually rejected because of GVC Holdings’s past business in Turkiye and alleged involvement in misconduct. Now rebranded as Entain, the company recently expressed its desire to reach a settlement with the HMRC, even if it has to pay a fine.
Earlier this month, Entain announced that it has set aside some $747 million to settle a potential regulatory matter.
Entain Grows but Some Critique the Company’s Financial Decisions
In other news, Entain recently published its H1 results, reporting impressive growth. The company remained unwavering despite the regulatory setbacks.
Earlier this year, the company also acquired the Polish-based betting company STS Holding in a $945 million deal. Entain was enthusiastic about the acquisition although some blasted the deal as “destructive” for the gambling giant.
In an open letter, Eminence Capital experts critiqued Entain for proceeding with the deal despite being in a fairly unfavorable (according to Eminence Capital) position. Overall, the investment firm said that the move is likely to lead to a decline in share price, greatly hurting Entain’s business.
Eminence Capital warned that the move may also cost Entain the trust of its shareholders.
This followed an earlier acquisition that saw Entain acquire 365scores, a global sports media company, in a $150 million deal.