October 23, 2019 / 8:26 AM / a month ago

Apollo Global Management buys 48.67% stake in Italy's Gamenet

MILAN (Reuters) - Private equity firm Apollo Global Management (APO.N) said on Wednesday it had signed agreements to buy a 48.67% stake in Italian gaming company Gamenet (GAME.MI), with the aim of delisting the group.

Gamenet shares were down 5.8% at 0910 GMT at 13 euros per share, moving toward the proposed price of 12.5 euro per share. Gamenet shares rose 11% last week.

Under two separate accords, Apollo is set to buy through Gamma Bidco a 28.67% stake from TCP Lux Eurinvest and a 20% stake from Intralot Italian Investments for a total of 182.5 million euros.

Apollo said the acquisition would be completed by the end of the year and it would then launch a mandatory takeover offer, with the aim of delisting the company.

(This story corrects in final paragraph to say deal is expected to close by the end of this year not by the first quarter of 2020)

Reporting by Elisa Anzolin

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