ZEAL Network approves relocation back to Germany
ZEAL Network held a General Meeting in London. With a total presence of 70.5 percent of the voting capital, the planned relocation of the company’s registered office from the United Kingdom back to Germany in the course of the takeover of Lotto24 AG was approved by 99.9%.
The aim of the relocation is to facilitate the integration of the ZEAL and Lotto24 divisions and to leverage the resulting cost synergies. Against this background, ZEAL confirms the planned annual cost synergies of at least EUR 57 million, of which 80 % are to be realized at the end of the first year and 100 % at the end of the second year after completion of the Lotto24 acquisition.
“With the decision to relocate our registered office, we can now take the next formal steps to complete both the business model change from the secondary lottery business to the brokerage business permitted in Germany and the relocation of our registered office before the end of October of this year, ” said Dr. Helmut Becker, CEO of ZEAL Network SE. “We would therefore like to thank our shareholders, who have once again supported us on our way to reunite with Lotto24.”