Bulletin: Gamenet Group Rating Not Immediately Affected By IPO Filing

LONDON (S&P Global Ratings) Dec. 1, 2017--S&P Global Ratings said today that its rating and outlook on Gamenet Group S.p.A. (B/Stable) are not immediately affected by the company's initial public offering (IPO) on the Milan Stock Exchange. Gamenet announced an IPO of 40% of its share capital, all of which is offered for sale by the existing shareholders looking to dispose a part of their stake in the company. Under the existing organizational structure, Gamenet is 80% owned by the private equity firm Trilantic Capital Partners, with the remaining stake held by Intralot S.A. (B/Stable), a Greek gaming company. We recently affirmed Gamenet's rating at 'B'. The rating is constrained by the financial sponsor ownership. However, if the current shareholders

...LONDON (S&P Global Ratings) Dec. 1, 2017--S&P Global Ratings said today that its rating and outlook on Gamenet Group S.p.A. (B/Stable) are not immediately affected by the company's initial public offering (IPO) on the Milan Stock Exchange. Gamenet announced an IPO of 40% of its share capital, all of which is offered for sale by the existing shareholders looking to dispose a part of their stake in the company. Under the existing organizational structure, Gamenet is 80% owned by the private equity firm Trilantic Capital Partners, with the remaining stake held by Intralot S.A. (B/Stable), a Greek gaming company. We recently affirmed Gamenet's rating at 'B'. The rating is constrained by the financial sponsor ownership. However, if the current shareholders were to sell more shares than currently envisioned, such that Trilantic's ownership would decrease to below 40%, all other things remaining equal, we may see Trilantic's diminished control as a lower risk factor under our financial sponsor...

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