Apollo Fuels Czech Lottery Group Expansion With Cash Injection
2020-11-10 17:52:37.217 GMT
By Libby Cherry
(Bloomberg) — European lottery company Sazka Group AS will
receive a EU500m investment from Apollo Global Management Inc.,
primarily to pursue acquisition and growth opportunities across
the region and North America, the company said in a statement
Tuesday.
* The investment implies an equity valuation for the company of
EU4.2b: statement
* Focus of growth will be on the lottery sector
* “Based on the amount injected, Apollo should take a 12% stake
in the company while the ex-sole shareholder KKCG could retain
the other 88%”: analysts at Spread Research wrote in an emailed
note to clients
* Separately, the company announced that they had signed a new
EU100m bank loan facility with a margin of 3% and a tenor of one
year on Oct. 26, which has since been drawn: statement
* Sazka’s EU300m bond due Feb. 2027 reached its highest level
since mid-June on the news, quoted at 91.7 cents, according to
data compiled by Bloomberg
* Spokespeople from Apollo and Sazka were not immediately
available for comment