The investment company Piomo SA has agreed to buy a 91.7 per cent stake Microgame from private equity funds Monitor Clipper Partners LP and TPG Growth.
Italy.- Pioma SA, an investment company, has entered a deal to buy a 91.7 per cent stake in Microgame, the Italian gaming and betting supplier currently owned by the private equity funds Monitor Clipper Partners LP and TPG Growth.
The terms of the deal have not been disclosed, but Piomo said that several Microgame executives would remain in their posts, including chief executive Marco Castaldo, who will remain in charge of day-to-day operations.
Castaldo said: “The entry of Piomo as majority shareholder marks the beginning of a new phase of growth in our project. The new shareholder represents a guarantee not only for the company, but above all for our customers who will benefit from the strength and renewed investment capacity of their provider.
“I wish to thank our historical stakeholders, Monitor Clipper Partners and TPG Growth, who have contributed so much to the development of the company for the past decade.”
Microgame was founded in 1996 and has agreements with 50 operators. Its Italian technology partners include GoldBet, Admiral Italia, Betaland, Merkur and Sportpesa.
Piomo’s acquisition comes after International Game Technology sold its Lottomatica B2C businesses to Gamenet Group, which is run by Apollo Global Management.
Italian regulator extends sports betting concessions
Italy’s Customs and Monopolies Agency (ADM) has said that Italy’s sports betting concessions will be extended until October 31.
It said the Ministry of the Economy had applied a late reprieve on betting licences, which were due to expire at the end of June.
The European Gaming & Betting Association (EGBA) has called on the ADM to explain to the European Commission its reasons for a proposed reduction in the number of licences in order to check that plans comply with European business and competition rules.
The ADM has said that it will only issue 40 licences to run from 2023, rather than the current 80. It also intends to issue the licences via an auction system with much higher fees.