May 30, 2016 / 8:25 AM / in 3 years

CVC Capital to buy Italian gaming firm Sisal in 1 billion euro deal

MILAN (Reuters) - Private equity firm CVC Capital Partners said on Monday it had agreed to buy Italian betting company Sisal Group in a deal that values the company at 1 billion euros ($1.11 billion), including debt.

Sisal, which also provides payment services, is currently owned by Apax Partners, Permira and Clessidra. In 2014 the three private equity funds sought a share listing for the Milan-based group but pulled the sale, blaming unfavorable market conditions.

Sisal had revenues of 787 million euros in 2015, down 4 percent from the previous year, and a net loss of 40 million euros. Payment services accounted for just over one fifth of overall sales.

Net debt at the end of December stood at 966 million euros.

($1 = 0.8998 euros)

Reporting by Massimo Gaia; Editing by Greg Mahlich

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