ITALY’S SNAI BOUGHT OUT BY INVESTMENT FIRM DUO

Posted 1/27/11 : 8.68 percent share SNAI in Euro 140 million deal
 
SNAI SpA, Italy's biggest sports-betting manager and racetrack, has been bought out by Italian investment company Palladio Finanziaria and European private equity firm Investindustrial.
 
Palladio Finanziaria and Investindustrial acquired 50.68 percent of SNAI's shares at a cost of Euro 2.3646 each through Global Games.  Global Games is the investment vehicle owned in equal measure by Global Entertainment and Venice European Investment Capital, which in turn are part respectively of Investindustrial and Palladio Finanziaria.
 
The purchase is subject to the opinions of AAMS and AGCM (the competition authority) and the ability to refinance SNAI SpA's debt.
 
Maurizio Ughi, Chairman and Member of Executive Committee, SNAI SpA said : "Had we been able to find a different way to re-size the debt with the banks, we would have done.   In particular, we pay for the investment made in 2006 to implement the network of agencies that has burdened our financial year.

But the company is healthy, it is present in many market segments, and has a great future.  I'm sure the new company will be able to refinance the debt with the banks and to borrow additional funds to make a SNAI even bigger and more competitive."