20th of January 2012 Author: Glo Wood
Proposed consideration Euro 12.5 million
An announcement came this week from Kiel-based financial holding firm JAXX SE that it has entered into firm negotiations with a group of unidentified investors regarding the sale of its lottery operations for a proposed consideration of Euro 12.5 million.
If the deal gets finalized, the JAXX group companies (On completion of a deal, companies within the JAXX group (JAXX GmbH (Hamburg), JAXX GmbH (Lustenau, Austria), Vendo Spielsysteme GmbH (Lustenau, Austria), flux, Telewette GmbH (Hamburg), JAXX UK Ltd. (London, GB)) will keep providing customer service, IT support and payments and remain involved in the business development of lottery products in the future. In return, the company will be able to focus on sports betting, casino and poker, mostly through the myBet brand.
Apart from the aforementioned companies, the talks also cover certain assets of other group companies as well as the JAXX domains, brands and rights relating to the JAXX name. Yet, it does not involve JAXX's Spanish lottery business, which is operated by 70 percent owned subsidiary DIGIDIS S.L., Madrid.
Mathias Dahms, management board spokesman of JAXX SE commented: "The disposal of the lottery business is the logical consequence of our decision to focus on our betting business and the myBet brand, which we took at the end of 2010.
"The opening up of markets throughout Europe offer us excellent growth opportunities - above all for sports betting in Germany. On the other hand the lottery market will continue to struggle for as long as the State maintains its monopoly."
If everything goes as planned, the sale should be finalized by the end of February 2012.
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