Lottomatica to buy SKS365
A subsidiary of the Italian company will buy the operator for €639m.
Italy.- Lottomatica Group has announced that its GBO subsidiary will buy SKS365 Malta Holdings in a deal that represents an enterprise value of €639m. Lottomatica said its acquisition of the Italy-facing operator will accelerate this growth and expand its brand portfolio.
SKS365 has around 1,000 retail sports betting points of sale and also has a strong online presence. Its brands include PlanetWin365 and PlanetPay365. It has forecast EBITDA of €74m for the current financial year, with almost three-quarters of that from online.
Lottomatica said it would finance the acquisition through a combination of cash and new debt. It hopes to make cost synergies of €60m and revenue synergies of at least €5m by 2026. The deal remains subject to anti-trust and regulatory approvals but is expected to complete in the first half of 2024. Playtech had previously been in negotiations to buy the operator.
Lottomatica CEO Guglielmo Angelozzi said: “We’re thrilled to welcome SKS365, one of the leaders in the industry, to our group in Italy. We add highly valuable and complementary brands to our portfolio. We will provide all the necessary support for the next phase of growth by leveraging the skills of the enlarged group.”
SKS365 CEO Alexander Martin said: “We are proud to become part of the Lottomatica Group. We couldn’t have found a better partner to continue our vision for SKS365 with the PlanetWin365 brands and PlanetPay365.
“I want to thank our shareholders, employees and partners that have contributed, under my leadership, to the development of a successful omnichannel operator, characterised by strong momentum in the online sports and igaming segments, which complement a successful retail network.
“I’m happy to continue leading the team at SKS365. I am thrilled to be able to work with Guglielmo Angelozzi and the new colleagues of Lottomatica Group.”
Lottomatica reported revenue of €1.39bn for 2022, an increase of 72 per cent against comparative results the previous year. Partly responsible for the rise was the group’s 2021 merger with Gamenet Group, making it the biggest retail gambling operator in Italy.
