Italian retail and online sports betting operator SNAI has struck an agreement to merge with rival firm Cogemat in a move that will value the new company at more than €145 million ($162.5 million).
Under the agreement, SNAI will incorporate all assets and business subsidiaries of Cogemat, including Italian gaming operator Cogetech.
Cogetech shareholders will acquire 35% of the new company shares, which will be distributed under SNAI terms and deal precedents.
The move comes after sources in the Italian media suggested that SNAI struck the merger deal with Global OI Games and Games 2, the majority shareholders in Cogemat.
SNAI expects to complete the merger by September if certain conditions and requirements are satisfied.
In a statement, SNAI said the move will support its effort to become “the co-leader of the market with a share of over 15%” and also boost its “leadership in the segment of horse betting and sports”.
