Entain, the owner of Ladbrokes, has enlisted the help of Oakvale Capital to explore the sale of PartyPoker amidst pressure from activist investors.
The online poker business is expected to be sold for approximately £150m, a significant drop from the £5bn valuation it had during PartyGaming's London flotation in 2005. With a declining customer base, PartyPoker is considered non-core to Entain's operations, which also include Coral and a stake in BetMGM.
The company has faced challenges from activist shareholders and is currently under the interim leadership of Stella David after parting ways with Jette Nygaard-Andersen.
Both Entain and Oakvale declined to provide comments on the matter.
