Sisal

Clessidra is set to acquire a majority stake in the gaming company Sisal SpA, in a deal totalling approximately E400m. The transaction is expected to complete before the summer after regulatory and antitrust approval. After completion, Clessidra will hold in excess of 60% of the company, the Molo family around 30%, while the remaining 10% will be split between Efibanca and the management headed by current CEO Giorgio Sandi. Clessidra is likely to invest around E70m in the newco. The Molo family has controlled Sisal for many years and is currently the majority shareholder with around 70%, while Efibanca and Meliorbanca hold the remaining interest. The deal was a proprietary transaction sourced privately by Clessidra. No other potential investors had access to the negotiations, which were conducted for the most part under an exclusivity agreement.

Debt

The financing of the acquisition is currently under negotiation with selected Italian and international banks.

Company

Sisal is a gaming company operating in three business areas: national lotteries, betting games and services. It was founded in 1945 by Geo Mol and partners. Sisal is responsible for the management of the football betting games Totocalcio and Totogol amongst others. Furthermore, the company has developed the Match Point betting shop network. In 2004, the company's turnover was around E180m.

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