The group SNAI has signed an agreement with OI Games and OI Games 2, majority shareholders of the company Cogemat. The agreement provides for the integration of the activities of the Cogemat/Cogetech group with those of Snai through a transfer operation in the share capital of Snai. The deal should close by September.
The Cogemat/Cogetech group has a market share of 9% in the gaming machine sector in Italy and through this operation Snai aims to consolidate its role in the sector as well as strengthen the leasership in the sports and horse racing betting sector, a where Cogemat/Cogetech is present with the brand iziplay.
“Through this operation – explains Giorgio Sandi, Chairman and Chief Executive Officer of Snai – we will create the first listed hub in Italy dedicated to entertainment, leader in the betting market and co-leader in the gaming machine segment.
After the announcement, Snai flies to Piazza Affari, where the company's shares gain 6% to € 1,66. Quotes also benefit from quarterly accounts. Snai closed the first three months of 2015 with a net profit of 11,4 million, a decisive increase compared to 2,2 million in the same period of 2014. Revenues rose by 9,6% to 156,1 million. Ebitda, on the other hand, fell by 44,5% to 20,2 million, reflecting the effect of the high payout on bets (to 82,4% from 74,3% in the first quarter of 2014). Ebit, on the other hand, grew by 60,2% to 32,1 million, also thanks to the settlement agreement with Barcrest, The Global Draw and Scientific Games. At the end of March, net financial debt amounted to 405,1 million from 419,1 at the end of 2014.
