Sisal Attracts Euro 1 Billion Price Tag
By Casinomeister, Last updated Jun 3, 2016
CVC Capital Partners acquires 100 percent equity stake
CVC Capital Partner funds (CVC) have acquired a 100 percent equity stake in Italian gaming and payments operator, Sisal Group S.p.A. (Sisal) from funds advised by Apax Partners, Permira and Clessidra for a Euro 1 Billion consideration.
Headquartered in Milan, Sisal is a leading operator in the Italian gaming market and a prominent payment services provider.
This acquisition is the latest in a line of CVC gaming sector investments that include Sky Bet (UK), Tipico (Germany) and previously in William Hill.
"The Company is a well diversified entertainment business with a historical brand in Italy and strong market positions across gaming, lotteries, betting and convenience payments," Giampiero Mazza, partner and head of CVC's Italian team said in a press statement.
"Under its previous shareholders and the management team led by Emilio Petrone, Sisal was able to grow and reshape its business perimeter thorough a period of difficult macro conditions and regulatory uncertainty.
"Sisal today is ideally positioned to capture growth in a number of areas. We look forward to support Emilio and his team to consolidate Sisal's leadership in the payments space, continue to develop its online gaming and betting platform and further innovate its proposition in proximity retail."
Emilio Petrone, chief executive officer of Sisal, added: "Sisal, celebrating its 70th anniversary, is a very important Italian company that is enjoying a period of fantastic growth and overall results. I am confident that with CVC, we will make a formidable team enabling Sisal to fully exploit its potential, becoming even stronger and more competitive.
"Personally, I am thrilled to lead this new, exciting phase in the company's history. I want to thank Apax, Permira and Clessidra for the consistent and valuable support they have given to me and the company over the last years".
Morgan Stanley, Credit Suisse and Unicredit provided committed debt financing to support the transaction.
Online Casino News Courtesy of Infopowa
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