CVC Capital files to acquire controlling stake in GLI
The private equity firm’s merger plan was filed to the Federal Competition Authority in Austria, as well as Malta.
Key Points
- CVC Capital has filed to acquire a 50%+ stake in GLI
- The acquisition is currently being assessed by Maltese and Austrian regulators
Private equity firm CVC Capital is set to acquire a controlling share in Gaming Laboratories International (GLI), Worldwide Laboratories and Kobetron, following the filing of a merger notice to the Federal Competition Authority.
The competition authorities in Malta and Austria are currently assessing the proposed merger.
Avalon Buyer, which is controlled by CVC Capital funds, will acquire a 50%+ stake in these businesses. Official parties have until the end of July to submit their applications to have the merger legally reviewed in Austria. Reviews in Malta have already been completed.
Businesses that may be affected by the merger can submit a statement to the Federal Competition Authority and/or the Federal Cartel Attorney in the next two weeks.
GLI offers testing and certification services for operators, suppliers and regulators in the industry. GLI certification is seen by many as proof of sturdy technological systems, with recent examples of awards including Comtrade Gaming and Salsa Gator, both of whom received certification for the Brazilian market shortly after the market became legal.
Good to know: CVC Capital purchased an 80% stake in Sky Betting & Gaming in 2015, before selling to The Stars Group (and later Flutter) in 2018
The potential acquisition also comes following several shifts in the company’s executive line-up. In January, Andrea Bossard was promoted to VP of Engineering for GLI, following 20 years of experience with the company, while Zachary Kastelic was promoted to VP of Legal.
Whether these individuals, as well as Founders James Maida and Paul Magno, will remain in their current positions post-merger has yet to be seen. But, given the fact this is a private capital firm taking over, it would be reasonable to expect less dramatic changes than a merger involving a direct competitor.
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