Three deals this month show how buyers are paying full prices while protecting themselves.
Genius Sports completed its purchase of Legend, the affiliate group behind Covers and Casino Guru, on 1 May. The price was USD 900 million at closing plus up to USD 300 million in an earn-out. A quarter of the maximum value depends on future performance.
Fertitta Entertainment agreed to buy Caesars Entertainment on 28 May at USD 31 a share, a 49% premium to the undisturbed price, for an enterprise value of USD 17.6 billion including about USD 11.9 billion of assumed debt. The agreement includes a go-shop period to 11 July, during which Caesars can solicit better offers.
Evolution started a EUR 2 billion share buyback on 20 May, backed by a EUR 300 million revolving facility. The largest supplier in the industry is returning cash rather than buying.
What this means in the CEE mid-market.
Expect structured consideration. Cash at closing plus an earn-out is now the default proposal from any serious buyer, and the earn-out portion tends to grow with the target’s growth rate. Negotiate the definitions and the control rights as hard as the headline.
Go-shops are rare in private deals, but the underlying idea is familiar. A seller who has run a proper process with several bidders does not need one. A seller who accepted a single unsolicited offer effectively gave it away.
Premiums are available for assets with scale and regulated cash flow. For everything else, buyers are selective. The listed groups that used to buy broadly are now buying back their own shares.
One CEE note: on 19 May the European Parliament adopted the revised FDI Screening Regulation. Mandatory screening across all member states arrives in 2027 or 2028. Any owner planning a sale to a non-EU buyer should assume a filing.
(Sources: SBC News, 1 May 2026; Yogonet, 28 May 2026; iGaming Business; Noerr client note on the FDI Screening Regulation)