Two Italian gaming companies have merged.
Gioco News reports that Cogetech Group has “integrated” with SNAI Group, concluding negotiations that have gone on since May.
The majority shareholders in Cogemat Group, which includes Cogetech, who hold over 75 per cent between them, have indicated that they will take up the offer of SNAI Group by the deadline of August 5, 2015. They will then hold a total of 71 million new SNAI shares, or 38 per cent of the SNAI share capital. Assuming approval from the monopolies authorities in Italy, the integration will be completed at the end of September.
The new partnership will create one of the largest gaming group registered in Italy with 15 per cent of the market, mostly in the horse racing and sports betting sectors. Gabriele del Torchio has been appointed to the board as chairman and managing director of SNAI until the completion of the deal when Fabio Schiavolin, currently CEO at Cogemat, will become CEO of the new company with del Torchio as chairman.
Cogetech operates AWP machines and VLTs throughout Italy with around nine per cent of the market, comprising about 34,000 machines. It also operates online betting games through IziPlay in 186 stores. The group is based in Milan with 270 employees and at the end of 2014 it had net revenues of €111m and EBITDA of €42m.
Leading the market in Italy is Lottomatica, with its IGT brand and a network of 59,000 AWPs and over 10,000 VLTs.
