3rd of January 2010 Author: Glo Wood
Private equity companies offered Euro 600 million
The Italian business media are reporting an unsuccessful attempt to acquire control of the major Italian online sportsbetting firm Sindacato Nazionale Agenzie Ippiche SpA (SNAI) by private equity firms Bridgepoint and Axa Private Equity, who reportedly offered Euro 600 million.
The publicly listed sports and horseracing betting firm has a debt burden of Euro 275 million and recently reported a net loss of Euro 9.5 million for the year to September '09, although this was a definite improvement on the same period in 2008 when the company made a loss of Euro 20.1 million.
SNAI Servizi Srl, the parent company of the betting firm, received a binding offer from the two private equity firms for its gaming and betting activities in November that would have seen Bridgepoint acquire 75 percent of the Italian group while Axa would own the remaining 25 percent.
In addition to its online operations, the Italian giant also boasts 900 branded land outlets and over 2 500 smaller gambling stalls; SNAI racetrack operations in Milan were specifically excluded from the deal.
The two would-be purchasers revealed that their offer valued SNAI at around six times its 2009 pro forma EBITDA, and said that financing for the deal would have been forthcoming from a consortium of banks.
'The board of SNAI Servizi Srl has examined the offer from Bridgepoint and Axa and has believed the offer not in its own interest,' read a statement from SNAI.
Sports Society News General Sportsbook News
22nd of February 2019
19th of March 2019
15th of March 2019
16th of February 2019
5th of February 2019
18th of January 2019
17th of January 2019
15th of January 2019
Join Now for full access
Disclaimer Contact Us Privacy Terms and Conditions Gambling Help Site Map
LatestSportsBonuses.com © 2006-2019