ITALY'S SNAI BOUGHT OUT BY INVESTMENT FIRM DUO
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28th January, 2011 :: 07:23:10
Source: Casinos Online
58.68 percent buy-out of SNAI in Euro 140 million deal
SNAI SpA, Italy's biggest sports-betting manager & racetrack, has been bought out by Italian investment company Palladio Finanziaria & European private equity firm Investindustrial reports efinancialnews.com.
Palladio Finanziaria & Investindustrial acquired 50.68 percent of SNAI's shares at a cost of Euro 2.3646 each through Global Games. Global Games is the investment vehicle owned in equal measure by Global Entertainment & Venice European Investment Capital, which in turn are part respectively of Investindustrial & Palladio Finanziaria.
The purchase is subject to the opinions of AAMS & AGCM (the competition authority) & the ability to refinance SNAI SpA's debt.
Maurizio Ughi, Chairman & Member of Executive Committee, SNAI SpA said : "Had we been able to find a different way to resize the debt with the banks, we would have done. In particular, we pay for the investment made in 2006 to implement the network of agencies that has burdened our financial year. But the company is healthy, it is present in many market segments, & has a great future. I'm sure the new company will be able to refinance the debt with the banks & to borrow additional funds to make a SNAI even bigger & more competitive."
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