Lottomatica sells a stake in its scratch card consortium to UniCredit
MILAN, ITALY – Lottomatica SpA, Italy’s main lottery provider and one of the biggest lottery operators in the entire world, has sold a stake in a scratch card consortium (which it has a majority holding in), in an aim to restructure its finances.
In the first nine months, earnings before interest, tax and depreciation was 597 million euros, above an analysts estimate of 587 million.
Lottomatica chief Marco Sala said in a press statement that, “The performance of the group in the third quarter has been encouraging, the Italian operations have picked up solid growth,” adding its U.S. unit GTECH has seen major commercial successes and growth in the market.
The success of the first three quarters of this year has seen conditions become favourable to intervene in the financial structures of the company, to make it more secure and flexible in the future.
The Lottomatica board accepted an offer from UniCredit for Italy’s largest bank to invest €100 million in Lotterie Nazionali; the consortium that runs Italian scratchcards and in which Lottomatica has a 64 percent stake.
The deal as agreed, means that UniCredit will invest in a new company that will hold a 44 percent stake in Lotterie Nazionali, which will remain controlled by Lottomatica. Scientific Games, one of Lottomatica and GTECH’s biggest rivals in the lottery industry, holds a minority stake in the consortium.
source: Reuters UK
Published: November 19, 2010