Shareholder meetings of the three companies forming Italy’s Cogemat betting group have given their unanimous ascent to a proposed merger agreement with Italian competitor SNAI.
According to Reuters, investors in Cogetech, Cogetech Gaming and Azzuro Gaming have now all given the nod to an agreement – proposed in May last year – to join with SNAI, in a bid to form the first listed Italian business entity “dedicated to entertainment.”
When the agreement was put forward, a press release issued by SNAI claimed the move would create a company worth over E145m (£115m), with Italian market-share in excess of 15 per cent.
dedicated to entertainment.
Originally, the deal had been forecasted to close by September 2015. The reasons for the delay in finalisation are as yet unclear, although it was recently announced that SNAI executive chairman Gabriele Del Torchio had stepped down from his position.
Under the terms of the agreement, SNAI is to gain ownership of all assets and business subsidiaries of Cogemat. In return, Cogetech shareholders are to acquire 35 per cent of the new company’s shares.