SNAI to finalize Cogemat merger as CEO steps down
SNAI in May announced that it had struck a deal to merge with Cogetech in a move that will value the new joint company at more than USD 160.1M. SNAI has now confirmed that it has reached an agreement to incorporate all assets and business subsidiaries of Cogemat.
In a statement, SNAI said that the deal would lead to the creation of the first listed group in Italy that is “dedicated to entertainment”, while also enabling the operator to strengthen its position in the country’s gaming market.
As part of the deal, current shareholders in Cogemat will hold 71,602,410 new SNAI shares, a total that represents a 38% stake in the joint company.
Upon confirming the new agreement, SNAI also revealed that Giorgio Sandi, who played a major role in the merger deal, is to stand down as chief executive and chairman of the operator. Gabriele Del Torchio will step up to the role of chairman and managing director of SNAI until the integration is finalised.
Once the process has been completed, Cogemat chief executive Fabio Schiavolin will take on the role of chief executive of SNAI, with Del Torchio retaining the role of chairman.
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