Gamenet Group agrees to acquire the Italian online, sports betting and gaming machines b2c businesses of IGT
Gamenet Group S.p.A. has signed on December 6, 2020 an agreement for the acquisition of 100% of the participation held by International Game Technology PLC through Lottomatica Holding S.r.l. in Lottomatica Scommesse S.r.l. and Lottomatica Videolot Rete S.p.A., leading B2C operators respectively of online/sports betting and gaming machines in the Italian market.
With this transaction, which is expected to close in the first half of 2021 and is subject to the authorization of the Italian Customs and Monopolies Agency and the approval of the relevant competition authority, Gamenet Group becomes the undisputed leader in the Italian gaming market and one of the key players at the European level, with a workforce of approximately 1,200 people and pro forma aggregated revenues and EBITDA of approximately Euro 1.6 billion and approximately Euro 370 million, respectively, for the year ending December 31, 2019. A reliable company, which will be able to pool know-how and shared experiences thanks to the entry of activities of great value and rich in history and skills such as those coming from Lottomatica, and thus ensure even higher standards of quality and safety.
“We have always been committed to providing excellent and safe product experiences to our customers”, commented Guglielmo Angelozzi, Chief Executive Officer of Gamenet Group. “Through this transformational acquisition, the quality of the assets and of the people coming from Lottomatica will further strengthen Gamenet Group’s extraordinary operations, human capital and portfolio of brands. We remain committed to supporting our selection of brands, which is now unparalleled in the Italian market and we will always remain focused on the quality of our products and services and on the growth of our business and of our partners.”
“Through this acquisition we significantly accelerate our plans in the Italian market. The Apollo Funds will continue to support Gamenet Group’s growth strategy while maintaining a disciplined approach to leverage.” commented Andrea Moneta, Chairman of Gamenet Group and senior advisor at Apollo Management International, LLP. “As a global leader in alternative investments, our conviction in this transaction, despite significant market uncertainty during the Covid-19 pandemic, also demonstrates our belief in the country, its regulation and its resilience.”