Lottomatica, a prominent Italian gaming powerhouse, recently unveiled its plans to acquire 100% of SKS365’s share capital, marking a significant milestone in its growth journey. The deal, valued at €639 million ($702 million), was recently signed and is expected to finalize in the first half of 2024, pending regulatory approvals.
Securing Financial Backing for Strategic Growth
To facilitate this transformative acquisition, Lottomatica has announced its intention to issue €500 million (approximately $549.1 million) in debt notes. The issuance will comprise of a first tranche of floating rate senior secured notes, followed by a second tranche of fixed rate senior secured notes with a favorable fixed rate of 7.125%. This initiative aligns with Lottomatica’s broader €565 million 7.125% Senior Secured Notes due 2028 bond.
While the specific allocation between the two bonds is yet to be disclosed, the details are expected to be announced around the completion of the deal, further solidifying Lottomatica’s commitment to transparency and strategic financial management.
Moreover, the Company has successfully secured a revolving credit cash borrowing of €50 million (approximately $55 million) through an existing revolving credit agreement. This additional financial resource demonstrates Lottomatica’s proactive approach to ensuring ample liquidity to meet its objectives.
Enhancing Market Position and Unleashing Growth Synergies
The funds obtained through the debt notes and borrowings will enable them to fully finance the SKS365 acquisition while covering associated fees and costs. This strategic move not only strengthens their market position but also paves the way for enhanced growth opportunities and synergies between the two entities.
Overall, Lottomatica’s ambitious acquisition plans and its proactive financial strategies highlight the company’s unwavering commitment to driving positive momentum within the gaming industry and fostering long-term success
Lottomatica Excitedly Nears Completion of SKS365 Acquisition
The Company, through its subsidiary CBO Spa, is eagerly approaching the finalization of its acquisition of SKS365. This successful deal follows a failed takeover attempt by Playtech, and rumors of interest from Flutter Entertainment. The impending acquisition is expected to provide a significant boost to Lottomatica’s presence in Italy, thanks to SKS365’s extensive network of over 1,000 shops and a strong online presence.
Guglielmo Angelozzi, CEO of Lottomatica, expressed confidence in the acquisition, recognizing SKS365 as a top performer and commending its management team for transforming it into a local powerhouse. Angelozzi believes that the collaboration between CBO and SKS365 will yield tremendous benefits for both companies.
Alexander Martin, CEO of SKS365, enthusiastically welcomed the opportunity to join the Lottomatica family, emphasizing that they could not have found a better acquisition partner. With renowned brands like PlanetWin365 and PlanetPay365 under its umbrella, as well as its recognition as one of Italy’s top employers for 2023, SKS365 brings a wealth of expertise and a loyal customer base to the table.
Uniting Forces to Shape the Future of Gaming
As the acquisition nears completion, Lottomatica looks forward to harnessing the synergy between the two entities, leveraging their combined strengths to drive innovation, enhance customer experiences, and solidify their position as a leading force in the Italian gaming market.
The imminent union of Lottomatica and SKS365 represents an exciting chapter for both companies, characterized by shared ambitions, mutual support, and a collective drive to shape the future of the gaming industry in Italy and beyond.
The post Lottomatica Secures €550M Financing to Drive Growth with SKS365 Acquisition appeared first on Gambling App.
