Italian gambling group Gruppo Gamenet SPA has today signed a ‘binding agreement’ to acquire a 100% share capital in betting operator GoldBet offering a deal-value of €265 million (£240 million)
Updating the market, Gamenet will move to acquire outright Goldbet’s 990 Italian betting points, and will further gain the firm’s related digital properties.
At present, Goldbet is considered Italy’s biggest retail-point betting operator, with the company declaring a full-year 2017 EBITDA of €40 million, combined with corporate net earnings of circa €23 million.
Gamenet governance stated that the acquisition would allow the company to ‘assume the leading position within Italy’s multi-concession gambling sector, targeting further corporate growth within the betting’.
Confirming the proposed deal, Guglielmo Angelozzi, Chief Executive Officer of Gruppo Gamenet believes that the transaction will see his firm propelled as the leading enterprise in Italian gambling, servicing multiple verticals.
Speaking to investors, Angelozzi detailed that the combined Gamenet and Goldbet portfolio would service approximately 1,700 betting points, creating Italy’s largest retail betting network.
Paola Bausano CEO of GoldBet Group has approved the transaction to investors, stating that the deal would allow GoldBet to affirm its position as Italy’s leading retail bookmarker and help better navigate the changing dynamics of the nation’s gambling landscape.
“This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth”