ZEAL Network SE Announces Squeeze-Out Request for Lotto24 AG Minority Shares

On 27 March 2024, ZEAL Network SE disclosed its acquisition of 95.12 percent of the shares in Hamburg-based Lotto24 AG and its move to acquire the remaining shares. The significant stake prompted ZEAL Network SE to propose a squeeze-out of minority shareholders as per the German Stock Corporation Act, Section 327a (1). This action suggests that ZEAL Network SE aims to offer cash compensation for the shares it does not yet own in Lotto24 AG.

The proposal for this transfer, which ZEAL Network intends to finalize during the upcoming Annual General Meeting of Lotto24 AG, underlines a strategic maneuver to consolidate its holdings. ZEAL Network SE has also committed to specifying the cash compensation amount for these remaining shares in a subsequent communication to Lotto24 AG.

This development is part of ZEAL Network SE's broader strategy to strengthen its position as a leader in the online lottery market in Germany. With a history of bringing lotteries online since its establishment in 1999, ZEAL Network has expanded its footprint in the e-commerce sector, especially in the realm of state-licensed lotteries and its proprietary lottery products. The squeeze-out request marks another significant step in ZEAL Network SE's ongoing journey towards growth and market consolidation.