(Alliance News) - Lottomatica Group Spa announced Wednesday that Gamma Intermediate has started the placement of 16 million shares in Lottomatica representing about 6.4 percent of the share capital through a private placement via an accelerated bookbuild procedure.

Upon completion of the placement, Gamma Intermediate will retain a direct stake of 61.8 percent of Lottomatica's share capital.

Gamma Intermediate, Lottomatica writes in a note, has agreed to a 90-day lock-up for its remaining shares in the company, subject to a waiver from the Joint Global Coordinators.

The placement is for eligible institutional investors and there will be no public offering in any country.

Barclays Bank PLC and Deutsche Bank AG are acting as Joint Global Coordinators and Joint Bookrunners, and Apollo Capital Solutions Europe BV is serving as Joint Bookrunner.

The final terms of the placement are expected to be announced on Jan. 18 at the latest and the

settlement for the placement, the statement said, is expected to take place on or around Jan. 22.

Lottomatica on Wednesday closed in the green by 0.8 percent at EUR10.46 per share.

By Chiara Bruschi, Alliance News reporter

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