Clifford Chance's Prague, Milan, Rome, Warsaw, and London offices combined to advise the Sazka Group and Italian Gaming Holding, subsidiaries of Czech lottery operator Sazka and investment company EMMA Capital, on their successful consortium bid in the lottery concession tender process in Italy and related bank financing. The other consortium members include Lottomatica S.p.A. (a subsidiary of International Game Technology PLC), Novomatic Italia S.p.A., and Arianna 2001 S.p.A.
Lottomatica was advised by Cleary Gottlieb and NCTM Studio Legale, with A&O (Milan) advising on the senior bank financing.
The consortium offered EUR 770 million for a nine-year licence to operate Lotto, the operator of the Italian national lottery business, and further pledged to invest in the renewal of the company's technology infrastructure.
“Lotteries and gaming are key pillars of our business,” explained Sazka Group’s Investment Director Stepan Dlouhy. "This step fully conforms to the strategy pursued by Sazka Group a.s., whereby we aim to build a large diversified European group that specializes in gaming."
The cross-border Clifford Chance team that advised on the investment and its financing was coordinated by the Prague office and consisted of Prague-based Partners David Kolacek and Milos Felgr, Milan-based Partner Umberto Penco Salvi, Rome-based Partner Luciano Di Via, London-based Partner Andre Duminy, Warsaw-based Of Counsels Nick Fletcher and Rafal Zakrzewski, Rome-based Counsel Filippo Degni, Milan-based Senior Associate Ivana Magistrelli, London-based Senior Associate Richard Jones, and Prague-based Associate Marian Husar, Milan-based Associate Giuseppe De Cola, and Rome-based Associate Paul Simon Falzini.
On the closing of the transaction, lead Partner David Kolalek commented: "We are proud to have had another opportunity to work on an exciting outbound investment project with our valued clients KKCG and EMMA Capital that demonstrates that the increasingly significant Czech investment groups are key players on the European stage. On the legal side, it was satisfying not only to be involved in the successful mobilization of such a talented cross-border team but also to have had the opportunity to consolidate our expertise in the gaming and leisure industry and confirm our track-record as leaders in the local and regional market."
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