Interactive
Germany – Zeal approves relocation back to Germany
By William - 1 October 2019
Zeal Network SE, the online provider of state lotteries in Germany, agreed the planned relocation of the company’s registered office from the United Kingdom back to Germany in the course of the takeover of Lotto24 AG. The move was approved by 99.9 per cent at a General Meeting in London on September 25.
The relocation is to facilitate the integration of the Zeal and Lotto24 divisions and to leverage the resulting cost synergies. Zeal has confirmed the planned annual cost synergies of at least €57m, of which 80% are to be realised at the end of the first year and 100% at the end of the second year after completion of the Lotto24 acquisition.
Dr Helmut Becker, CEO of Zeal, said: “With the decision to relocate our registered office, we can now take the next formal steps to complete both the business model change from the secondary lottery business to the brokerage business permitted in Germany and the relocation of our registered office before the end of October of this year.
“We would therefore like to thank our shareholders, who have once again supported us on our way to reunite with Lotto24.”
