Novomatic and Sazka Group, both privately-held firms, will pool their respective – already acquired or to be acquired – shares in Casinos Austria AG and Austrian Lotteries. Novomatic and Sazka will then create a joint-venture company.
“Subject to approvals from anti-trust and supervisory authorities being given, the two companies intend to establish a joint-venture company, where their shares in Casinos Austria will be joined together, to establish an evenly levelled partnership and pool the existing know-how in the best possible way for the future development of Casinos Austria,” Novomatic stated in a Friday release.
The deal also aims to solve existing legal disputes related to the shareholding structure of partially state-owned Casinos Austria, the announcement added.
It is unclear the total shares the combined partnership has in Casinos Austria as it was not mentioned in the statement.
This is “the first essential step towards providing a clear shareholding structure to Casinos Austria and making the company fit in the long term for the future challenges of the domestic and global markets,” Novomatic’s chief executive Harald Neumann said in a statement.
Casinos Austria owns 12 casinos in Austria as well as lottery business Austrian Lotteries. It controls Casinos Austria International Ltd, with investments in several casinos and other gaming-related businesses internationally.