SNAI approves incorporation of Cogemat units

Italian operator SNAI has approved a previously announced move to incorporate the directly and indirectly owned units of Cogemat, Cogetech, Cogetech Gaming and Azzuro Gaming.

In May last year SNAI revealed that it had agreed a deal to merge with Cogemat, while the firm in July 2015 also announced that it would incorporate all assets and business subsidiaries of Cogemat.

According to Reuters, the extraordinary shareholders’ meeting of each incorporated company have now also approved the transaction.

In a statement confirming the Cogemat merger last July, SNAI said that the deal would create the first listed group in Italy that is “dedicated to entertainment”, while also enabling the firm to strengthen its position in the country’s gaming market.

Confirmation of the approval comes after SNAI last week announced that Gabriele Del Torchio has resigned as executive chairman of the company.

Del Torchio, who will also leave the SNAI board, waived his right to be appointed as chairman for the period from 2016 to 2018.

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