Italian betting company SNAI has confirmed plans to merge with rival Cogemat to create a ‘market leader’ valued at €145m.
SNAI said it will become ‘the co-leader of the market with a share of over 15 per cent’ and will improve its ‘leadership in the segment of horse betting and sports.’
SNAI has said it will bring all Cogemat’s assets and business divisions,including Cogetech, under its business umbrella. Cogetech shareholders will then buy 35 per cent of the new company shares.
The merger should be completed by September.
Giorgio Sandi, President and CEO of Snai, said: “The deal will allow us to create an important integration between stores and networks of the two companies, but also to achieve a balanced mix in terms of business between the activities related to betting and one of the gaming machines, as well as to seize the best opportunities offered by the channel online and mobile. ”