Today gaming operator Lottomatica Group announced that subsidiary GBO SpA has reached a purchase agreement with SKS Malta Holdings and will purchase the Italian company for €639 million.
The deal will see Lottomatica taking over 100% of SKS' shares and will take over the brand in its entirety. Company CEO Alexander Martin will continue on his role of running the company. The purchase is being funded with available cash and taking on additional debt.
SKS365 has both an online and physical presence in Italy, as it holds more than 1,000 retail locations in the country.
SKS was being pursued by betting group Playtech, who had set out discussions to purchase the company, although they weren't able to seal the deal.
Lottomatica CEO Guglielmo Angelozzi commented on the deal, noting: "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 also commented, adding: "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."
The purchase is subject to regulatory approvals and is expected to close in the first half of 2024, should everything go according to plan.
Casino Listings News will be updating readers as developments on the deal are revealed.