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Apollo Global to buy 48.67% stake in Italian gaming company Gamenet

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Apollo Global to buy 48.67% stake in Italian gaming company Gamenet

Apollo Global Management Inc. signed two separate transactions to buy a 48.67% interest in Gamenet Group SpA at €12.5 per share, for a total of €182.5 million, with plans to delist the Italian sports betting and gaming company, Reuters reported.

In a news release, Trilantic Capital Management LP's Trilantic Capital Partners IV Europe fund, through TCP Lux Eurinvest Sàrl, said it is selling its shareholding comprising 8.6 million shares, or 28.67% of Gamenet's share capital, to an affiliate of funds managed by Apollo Management IX LP.

Completion of the transaction is expected by the end of 2019, subject to antitrust and other approvals.

Intralot Italian Investments BV, meanwhile, will sell a 20% stake, according to Reuters.

Apollo intends to launch a mandatory takeover offer for Gamenet following the completion of the acquisition, the news outlet added.