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Sisal Group confirms ‘organisational restructure’ as payment service separates from gaming operation

in Finance

Sisal Group SPA, the operating firm of Italy’s SuperEnalotto lottery,  has confirmed it will embark on an ‘organisational restructure’, which will result in a demerger of the group in favour of a newly incorporated company – ‘SG2 SPA‘.

The move forms part of a wider strategy of corporate restructuring that aims to ‘better define the functions and primary objectives of the group’ and will see the payments service company, Mooney Group, split from the flagship gaming and lotteries unit of the business, Sisal

The group commented in a statement: “The effectiveness of the demerger of Sisal SpA. is subject to the obtaining of the necessary authorisations including those from the competent authorities.

“It is currently estimated that the demerger of Sisal Group and, subject to the obtaining of the necessary authorisations, the demerger of Sisal SpA may be completed by November 2021.”

As a result of the demerger, the 70% of Mooney Group shares owned by Sisal Group will be transferred to the new company, SG2 SpA, which is owned by the parent company of Sisal Group, meaning that Mooney Group SpA is no longer a subsidiary of Sisal Group.

A second demerger has also been approved which will see Sisal SpA demerged in favour of Sisal Group. Sisal Group said in a statement it is ‘aimed at rationalising and reorganising the control chain of the group.’

https://paymentexpert.com/2021/07/30/sisal-group-confirms-organisational-restructure-as-payment-service-separates-from-gaming-operation/