DGAP-Ad-hoc: Media and Games Invest plc / Key word(s): Investment
Media and Games Invest increases stake in gamigo AG from 53% to 98%
17, February 2020 - Media and Games Invest plc ("MGI", ISIN: MT0000005801010101; Symbol: M8G; Basic Board, Frankfurt Stock Exchange) is acquiring 1.05 million gamigo shares, representing approximately 45.5% of the total outstanding shares, thereby increasing its stake in gamigo AG from 53% to 98%. The agreements, which were approved today by the gamigo Supervisory Board and the Board of MGI, were signed today. The transaction is expected to be completed within the coming days. It is planned to also acquire the remaining gamigo shares thereafter.
In the 12-month period from 1 October 2018 to 30 September 2019, gamigo generated net revenues of EUR 56 million and EBITDA of EUR 16 million. Over the past five years, the company has grown by an average of 32% in terms of revenue and 64% in terms of EBITDA.
The selling gamigo shareholders will receive the up to 18.2 million new MGI shares in two steps. In return, the company's share capital will be increased by up to 18.2 million new MGI shares. A lock-up period of around 25 months will apply to approximately 98% of these new shares. The cash portion of the purchase price is financed with a loan from UniCredit Bank in the amount of EUR 10 million at an interest rate of 5.5% p.a. and with free liquidity from MGI. The acquisition of approx. 2% of the gamigo shares is still pending, but negotiations for the purchase of these remaining shares are already underway. Should the negotiations fail, a squeeze-out of these shareholders will be attempted.
About Media and Games Invest plc:
17-Feb-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Media and Games Invest plc|
|St. Christopher Street 168|
|VLT 1467 Valletta|
|Phone:||+356 21 22 7553|
|Fax:||+356 21 22 7667|
|Listed:||Regulated Unofficial Market in Berlin, Frankfurt (Basic Board), Tradegate Exchange|
|EQS News ID:||976647|
|End of Announcement||DGAP News Service|
976647 17-Feb-2020 CET/CEST