Greek-based international online gaming supplier Intralot has denied rumours of a potential merger between them and local IT telecom provider Intracom. The two companies, releasing almost identical statements at the same time, confirmed that the rumours circulating about a merger were not based in reality.
The rumours specified that a mega-merger between the two companies was under discussion, and that it would be aimed at restoring the stability of the gambling group after it had lost an important concession in Turkey.
Intralot had started the year off with a shaky start thanks to a drop of the nominal value of its bond, as well as recent downgrading of its credit rating. Both companies have the same majority shareholders and founder: business mogul Sokratis Kokkalis. Kokkalis stepped up to the position as CEO of the gambling operator earlier in the month after replacing Antonios Kerataris. The former Chief Executive of the lottery, betting, and gaming group had decided to depart after Intralot had lost its chance to continue providing Turkey=based Iddaa with sports betting technology and services.
Rumours about a potential merger between Intralot and Intracom started not long after the telecom attempted reorganisation, and the recent recovery of both companies’ share prices. In filing in Athens Exchange that were almost identical, both companies explained that they always reported any financial information immediately, as is required by laws in Greece. Intralot’s concession to Turkey was instead taken over by betting supplier Scientific Games as well as business conglomerate Demiroren Group.
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