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