SBC News Sisal splits Mooney payment services unit from main business

Sisal splits Mooney payment services unit from main business

Sisal Group SPA, the operating firm of Italy’s SuperEnalotto lottery, will undertake an ‘organisational restructure’ which will result in a demerger of the group in favour of a newly incorporated company – ‘SG2 SPA‘.

The demerger forms part of a wider strategy of corporate restructuring that aims to ‘better define the functions and primary objectives of the group’ and will see the payments service company, Mooney Group, split from the flagship gaming and lotteries unit of the business, Sisal.

As a result of the demerger, the 70% of Mooney Group shares owned by Sisal Group will be transferred to the new company, SG2 SpA, which is owned by the parent company of Sisal Group, meaning that Mooney Group SpA is no longer a subsidiary of Sisal Group.

A second demerger has also been approved which will see Sisal SpA demerged in favour of Sisal Group. Sisal Group said in a statement it is “aimed at rationalising and reorganising the control chain of the group”.

The assets held by Sisal SpA will be transferred to Sisal Group and the purpose is to streamline the chain of command amongst the corporation.

Sisal Group added in a statement: “The effectiveness of the demerger of Sisal SpA. is subject to the obtaining of the necessary authorizations including those from the competent authorities.

“It is currently estimated that the demerger of Sisal Group and, subject to the obtaining of the necessary authorizations, the demerger of Sisal SpA may be completed by November 2021.”

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