Gamma Intermediate Sells 6.4% Stake in Lottomatica for €152 Million
Date: 2024-02-18 Author: Dima Zakharov Categories: EVENTS
Gamma Intermediate Sells Stake in Lottomatica
Gamma Intermediate, a prominent player in the gaming industry, has successfully concluded the sale of 16 million Lottomatica shares, which represent a substantial 6.4% stake in the Italian gaming company. This move has generated a significant buzz in the gaming and investment sectors.
Retains Majority Control
Despite the sale, which amounted to €152 million, Gamma Intermediate still holds a majority stake of 65.4% in Lottomatica. This means that Gamma Intermediate remains a dominant force within the company's ownership structure.
Accelerated Bookbuilding Process
The sale was executed at a rate of €9.50 per share, utilizing an accelerated bookbuilding process. It's important to note that the placement was exclusively made available to institutional investors, with no public offering in any country.
Future Prospects for Lottomatica
Lottomatica has ambitious plans for growth, as evidenced by its recent acquisition of SKS365, an Italian-facing operator. This strategic move is expected to bolster Lottomatica's position in the Italian market and expand its portfolio of brands.
Funding the SKS365 Acquisition
To finance the acquisition of SKS365, Lottomatica intends to issue and sell €500 million in notes. This acquisition is slated for completion in the first half of 2024 and places a €639 million enterprise value on SKS365.
Positive Performance in Q3 2023
Lottomatica had a strong Q3 in 2023, reporting significant growth in both revenue and earnings. This period marked its first full quarter following its IPO in April, setting the stage for future developments.
Future Outlook
While Lottomatica has raised its full-year revenue expectations, the release date for its Q4 and full-year reports is yet to be announced. The gaming industry eagerly awaits further updates on Lottomatica's performance and growth trajectory.
