Zeal Network primed for Germany relocation
Shareholders at the lottery brokerage firm vote to move back to Germany from London
Digital lottery group Zeal Network will move back to Germany after 99.9% shareholders voted to relocate from London.
The firm will relocate to Hamburg to help facilitate the integration of the Zeal and Lotto24 businesses after shareholders approved a takeover deal in January.
Zeal has confirmed planned annual cost synergies of at least €57m, 80% of which will be realised by the end of the first year and 100% by the end of the second year from the date of the acquisition.
Zeal is currently headquartered in London but is listed on the Frankfurt Stock Exchange and was founded in Hamburg in 1999.
Zeal Network CEO Dr Helmut Becker
Zeal Network CEO Dr Helmut Becker said: “With the decision to relocate our registered office, we can now take the next formal steps to complete both the business model change from the secondary lottery business to the brokerage business permitted in Germany and the relocation of our registered office before the end of October of this year.
“We would therefore like to thank our shareholders, who have once again supported us on our way to reunite with Lotto24,” he added.