Issuing a market update, Borsa Milan gambling firm Gruppo Gamenet SPA has confirmed the closure of its outright acquisition of betting group GoldBet, completing its €275 million transaction.
The deal first announced on 24 July 2018, sees Gamenet secure Italy’s biggest retail betting presence adding +900 new betting points to its existing network, which services +1,700 betting concessions.
‘The Acquisition will allow Gamenet to assume a leading position in Italy in the multi-concession gaming sector, in particular in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and net profit levels’ details Gamenet governance in its corporate update.
Gamenet governance will maintain the legacy GoldBet brand across retail and digital verticals, with the company highlighting a number of operational co-synergies to develop which will drive the firm’s enlarged capacity within the Italian gambling market.
During the firm’s interim update, Guglielmo Angelozzi Gamenet Group Chief Executive stated that the GoldBet acquisition was critical to the firm’s future growth strategy within an altered Italian betting landscape.
This April, Gamenet competitor Gruppo Snaitech was acquired by FTSE250 gambling technology group Playtech Plc for €850 million, seeking to develop the leading retail and digital betting proposition from the regulated Italian betting market.
Last month, Gamenet governance confirmed the successful placement of a new private €225 million bond, which would be utilised to finance the cash transaction.