Zeal Network to fully acquire Lotto24 in delisting purchase agreement
German lottery operator snaps up remaining 7% in shares as it elects to delist subsidiary from Frankfurt Stock Exchange
Frankfurt-listed Zeal Network is set to acquire the remaining shares in its Lotto24 subsidiary as it plan to delist the business from the public market.
The German lottery operator, which currently holds around 93% of shares in Lotto24, will acquire the remaining shares in the business as part of a delisting purchase offer.
The cash consideration of the remaining shares is set against the average share price of the last six months, with the price per share estimated to be around €381.79.
The final share price will be determined by the German Federal Financial Supervisory Authority and may deviate from the set amount.
As a delisting purchase offer, the transaction will not be subject to any closing conditions.
The Frankfurt Stock Exchange will decide on Lotto24’s application for its delisting. Lotto24 shares will then be revoked from the market three trading days after the publication of the stock exchange’s decision.
From that point, the shares of Lotto24 will no longer be listed for trading on a regulated stock market in Germany or an equivalent international market.