St. Enodoc sells for €42 Million
3rd April, 2008
GTECH Corporation, a subsidiary of Lottomatica, are in talks with the Gibraltar based company St Enodoc Holdings Ltd regarding the purchase of 90% of the company and its subsidiaries including St. Minver, the gaming operator.
GTECH are set to cough up 28 million Euros for the 90% equity stake along with an extra 13.6 million Euros based on the expected performance up to and including 2009. The remaining 10% of St Enodoc will stay with Gary Shaw, the founder and chairman until 2012 at the earliest.
GTECH's aim is to maintain St Enodoc as a separate operation along with the St. Minver brand.
Jaymin B. Patel, GTECH's President and CEO said "As we continue to expand our presence in Internet-based gaming, St Enodoc is a logical fit. The St Enodoc group has provided white label management services to some of the most recognized brands in Europe operating interactive bingo, poker, and casino games including specialized support for peer-to-peer networks around managing fraud, collusion, and various tournaments. For companies in both gaming and non-gaming industries that want to offer Internet-based gaming, St Enodoc provides solutions to afford these organizations the ability to maintain their brand and customers while essentially outsourcing the gaming operation to St Enodoc."
