Wednesday May 21, 2014 : EMPIRE GLOBAL CORP TO ACQUIRE MULTIGIOCO SRL
Purchaser aims to become top tier Italian gaming operator in 5 years
Empire Global Corp has signed a material definitive agreement for the acquisition of Italian licenced gaming operator Multigioco Srl, for an undisclosed consideration.
Under the terms of the agreement, EGC will own 100 percent of the issued and outstanding shares of Multigioco Srl including all the assets, intellectual property, operations and licences governed under the Italian national gaming authority Amministrazione Autonoma Monopoli di Stato (AAMS).
Multigioco has over 850 venues under its current licence along with an online platform and mobile development in the pipeline.
The operator generated Euro 71 million gross gaming revenue in 2013. Game offerings include Sports betting and lottery distribution terminals, which represent the largest turnover. Other significant offerings are Online Casino, Online Poker and Cash Games, Slots and Bingo, while to a lesser degree various VLT games.
"The acquisition of Multigioco represents our commitment to developing our business in the global gaming and wagering space," said Michael Ciavarella, chairman and chief executive officer of EGC. "We plan to aggressively pursue attractively priced, fragmented and profitable gaming operators in Italy with a goal to become a top tier gaming operator over a 5 year investment time horizon."
Historically EGC is a real estate development and management company. It owned and operated two commercial real estate properties in Toronto, Canada.
The company was formerly known as Tradestream Global Corp. and changed its name to Empire Global Corp. in September 2005. Empire Global Corp. was founded in 1998 and is based in Concord, Canada.
The deal is expected to be finalised at the end of June 2014.