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Meanwhile Blackstone, Cirsa’s largest shareholder, is expected to become the largest shareholder of the combined company, maintaining around 24% of the share capital.
The deal is expected to provide around €115 million of pre-tax cash synergies per year from opex and interest cost savings. These synergies are expected to be realised by the third full year following completion.
Angelozzi is set to serve as the combined company’s chairman and CEO, while Lottomatica’s deputy CEO and CFO Laurence Van Lancker will assume the same role.
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The original production already dropped artificial snow when Glinda broke the poppy spell. “Glinda’s Glitter” is the sparkle equivalent of that idea: a visible shower of goodness.
It will also double as a built-in alibi for any romantically involved conventioneer who mistakenly comes home with glitter on their clothes.
“Oh, didn’t I mention we saw the new Wizard of Oz, honey?”
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