The Milan-based group reported a 26% rise year on year in first-half revenue to $308.75m as online gaming more than offset a decline in the retail activities, which were impacted by lockdowns. First-half core profit rose nearly 50% to €99.5m.
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- To what extend can the relationship between the GP and board impact the company?
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CVC, which will sell part of its shares in the deal, eyes a valuation equal to 11-12 times the group’s core earnings, which could value Sisal at least €2.2bn, a source said.
CVC, Sisal and the three banks declined to comment.
Sisal, which gets most of its revenues from Italy, has expanded abroad, obtaining concessions for the retail and online gaming business in Turkey, Morocco and Spain. The group is also in the race to run the UK National Lottery.
This would be the second attempt for Sisal to go public. In 2014 the Italian gaming group pulled plans for an initial public offering due to unfavourable market conditions.
Heating solutions group Ariston Thermo and make-up supplier Intercos are also planning to go public in the next few months, marking a revival for the Milan bourse, at which only three smaller companies debuted on the main market so far this year.
Source: Reuters
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