Deal represents the second major European gaming industry transaction on which Latham has advised CVC in 2016.

CVC Capital Partners has announced that funds advised by CVC Capital Partners have signed a binding agreement to acquire a 100% equity stake in Italian gaming and payments operator, Sisal Group S.p.A., from funds advised by Apax Partners, Permira and Clessidra. The transaction, which is expected to close at the end of September, is valued at €1.0bn.

Headquartered in Milan, Sisal is a leading operator in the Italian gaming market and the number one provider of payments services. Established in 1946, Sisal was the first Italian company to operate in the gaming sector as a Government Licensee. Through its capillary network of 45,000 points of sale, the company offers the public in excess of 500 payment services. Sisal employs about 2000 people.

CVC has a strong track record in the gaming industry through its strategic investments in Sky Bet (UK), Tipico (Germany) as well as its previous investment in William Hill.

Latham & Watkins represented CVC in the transaction with a corporate deal team led by Milan partner Stefano Sciolla with associates Giovanni Spedicato, Guido Bartolomei, Cesare Milani and Giovanna Garbarino. Advice was provided on finance matters by Milan partner Marcello Bragliani and London partners Jay Sadanandan and Jocelyn Seitzman, with Milan associates Gabriele Pavanello and Federico Maria Imbriani.