Gamenet Group has announced that the subsidiary Gamenet has signed a binding contract for the acquisition of 100% of the capital of GoldBet, a company authorized to collect games and bets in Italy.  

The value of the acquisition is € 265 million (enterprise value), to be adjusted with the value of the acquisition is € 265 million (enterprise value), to be adjusted with the value of the net financial position at 30 June 2018. The acquisition will be financed through recourse to debt for the portion of the price due to the Closing.  

On the basis of data for the first 6 months of 2018, the combined entity would be the leading betting operator in Italy, with a total market share in the segment of approximately 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).  

From the integration of GoldBet, significant cost synergies are envisaged which, when fully operational, over the 18-24 months following the closing, are estimated on an annual basis at around 12-15 million euro. The positive effects of the acquisition on the guidance of EBITDA for the year 2018 of Gamenet Group are not currently estimated. The completion of the acquisition is expected between the end of the third and the beginning of the fourth quarter of 2018.