Italian sports betting operator Gruppo SNAI has agreed to a corporate merger with Italian licensed gambling operator Cogemat, which will see the new company valued at + €145 million.
SNAI will incorporate all assets and business subsidiaries of Cogemat, including gambling technology and content provider Cogetech which services 9% of the Italian gambling machines market.
Italian news sources report that SNAI governance had concluded the merger deal with Global OI Games and Games 2 the majority shareholders in the Cogemat business. SNAI are believed to want to strengthen their position within the Italian gambling machines market, and further enhance its digital offering to the Italian market.
Gruppo SNAI released a short corporate statement detailing its intentions for the acquisition of Cogemat enterprises. The operator outlined the following
“The company will look to become the co-leader of the market with a share of over 15%” and will “strengthen the group’s leadership in the segment of horse betting and sports.”
“SNAI will further aim to strengthen its position in the segment of the gaming machines,” a market worth 48 billion euro in 2013”.
The merger deal will see Cogetech shareholders acquire 38% of the new company shares which are to be distributed under Gruppo SNAI terms and deal precedents.