SKS365 CEO departs as Lottomatica completes €639m acquisition
Alexander Martin exits Italian firm after leading business since 2019 as he says completion of transaction marks the “start of a new chapter”
The post SKS365 CEO departs as Lottomatica completes €639m acquisition first appeared on EGR Intel.
SKS365 CEO Alexander Martin has confirmed he has left the business after Lottomatica’s €639m (£547m) acquisition of the brand completed yesterday, 24 April.
The deal, which was first announced in November 2023, will see the Milan-listed Lottomatica acquire 100% of the share capital of SKS365.
The move values SKS365, which runs the Planetwin365 and PlanetPay365 brands in Italy, at 8.7x its full-year 2023 EBITDA pre-synergies.
A brief statement from Lottomatica yesterday confirmed the completion of the transaction after the group had fended off interest from Playtech and Flutter.
The statement did not include information relating to any organisational restructure, however, Martin took to LinkedIn to announce his exit.
The former banker has served as SKS365 CEO since December 2019, having joined the privately owned operator off the back of previous industry experience with Gauselmann (now Merkur Group).
Martin said the completion of the acquisition marked a “significant milestone” for SKS365 that would usher in the “start of a new chapter”.
However, the outgoing boss explained that due to “inherent changes” to his role, he would be stepping down as SKS365 CEO.
Martin said: “It has been my great honour to lead SKS365 since 2019. Together, we have built an excellent and successful company. Our consistently growing financial results have been evidence of our unwavering commitment to excellence and resulted in new heights yearly.
“Throughout my tenure, we have faced several industry and business challenges but, with resilience and teamwork, we have overcome them. We have fundamentally improved our product offerings and customer experience and substantially invested in our people,” he added.
Martin proceeded to thank the SKS365 staff, shareholders and board of directors for their combined efforts during his tenure, and described the firm as having been turned into an “attractive, innovative and profitable company”.
He concluded: “For the future, I wish all SKS365 employees the very best as you continue your journey with Lottomatica. Being part of the group provides a robust platform for SKS365, offering an excellent foundation for sustained growth and continued success for our company.”
Lottomatica is set to announce its Q1 2024 results on 30 April, which the company has confirmed will include further details on the SKS365 acquisition and financial expectations.
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.
The post SKS365 CEO departs as Lottomatica completes €639m acquisition first appeared on EGR Intel.
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