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October 18th, 2006
Apax Partners and Permira announce completion of the acquisition of Sisal

Giochi Holding S.p.A., a company controlled by the private equity funds managed by Permira and Apax Partners today announced the successful completion of the acquisition of Area Giochi Holding S.p.A., a company that controls 97% of the share capital of Sisal S.p.A.. The transaction was valued at approximately 900 million Euros.

The Clessidra fund remains in the new capital structure with a significant quota.

Sisal S.p.A. operates in the gaming and betting sector.

Apax Partners and Permira's M&A advisers were Lehman Brothers and Morgan Stanley, supported by ABN Amro and Banca Intesa. Bonelli, Erede and Pappalardo e Chiomenti acted as legal advisers. Studio Maisto & Associati and Studio Di Tanno operated as tax consultants for the transaction and Global Leisure Partners acted as strategic adviser.

Acquisition financing was provided by ABN Amro, Banca Intesa, Bayerische Hypo-und Vereinsbank, Calyon, Lehman Brothers, Mizuho and Royal Bank of Scotland.

Clessidra was advised on M&A by Merrill Lynch and Mediobanca and Studio Pavia e Ansaldo for the legal aspects.

Giancarlo Aliberti and Amedeo Carassai, respectively Managing Partner and Partner of Apax Partners in Italy stated: "We are convinced that the entry of the new funds in Sisal share capital will permit the acceleration of the company's growth in the sports betting, video games and lotteries markets in Italy and abroad. We will continue to invest in the network of agencies and betting shops, supported by an excellent team of managers".

Nicola Volpi, managing director of Permira and Roberto Biondi said: "We have found an excellent platform in Sisal, which will support the planned growth programme over the next few years. Sisal's historic presence, capillary distribution and excellent management team will position the company to play an important role in the future development of the Italian gaming sector. The support of the Permira and Apax Funds will help to facilitate growth, both organically and through acquisitions abroad".

Notes: Sisal S.p.A. is a private Italian company that has over fifty years of history in the service of the public and Italian State in gaming, betting and lottery sector. Sisal business covers the complete cycle of the necessary operations: organisation, commercial activities, technological, administrative and financial support. Recently Sisal has widened its betting and gaming product offering to innovative services related to the telecommunications world and payment services. Sisal employs about 675 persons, divided between the Milan head office, where the General Management is located, and the Rome office. For further information:

Tina Palastanga
Global Leisure Partners LLP
Tel: +44 (0) 20 7016 8061
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