Frankfurt-listed Zeal Network has completed the acquisition of German online lottery provider Lotto24.
The all-share public takeover was launched at the end of January, supported by major stakeholders representing approximately 65 per cent of Lotto24 shares.
Having met all completion conditions last month, Zeal’s offer had been accepted by 93 per cent of Lotto24 shareholders by the end of the extended offer period on 29 April.
With a stake of 32 per cent of the total enlarged share capital, the Günther Group remains the largest shareholder of ZEAL.
“We are pleased that we were able to convince both Lotto24 and Zeal shareholders of the strategic value of this merger and would like to thank our employees in particular for their great commitment and untiring efforts over the past months,” said Zeal chief executive Helmut Becker.
“By reuniting with Lotto24, we have created a strong, sustainable platform from which to accelerate online growth in the German lottery market and beyond. We will now work tirelessly for our future success, together."
Later this year, Zeal intends to reacquire control of its myLotto24 and Tipp24 subsidiaries and transform its German secondary lottery business into a locally-licensed digital lottery broker, building on Lotto24's presence in the German lottery market.
In addition, Zeal plans to relocate its headquarters from London back to Germany.
Shares in Zeal Network SE (FRA:TIM) were trading up 0.1 per cent at €19.52 per share in Frankfurt Wednesday morning, while shares in Lotto24 AG (FRA:LO24) were trading down 1.82 per cent at €13.50 per share.