Apollo Management IX LP made a bid to acquire 51.33% stake in Gamenet Group S.p.A. (BIT:GAME) for approximately €190 million on October 22, 2019. Apollo Management IX offered €12.5 per share for each share of Gamenet. In related transactions, Apollo Management IX LP signed an asset purchase agreement to acquire 20% stake in Gamenet Group S.p.A. from Intralot Italian Investments B.V. for €75 million and Apollo Management IX LP signed another asset purchase agreement to acquire 28.67% stake in Gamenet Group S.p.A. from TCP on October 22, 2019. Upon completion of the related transactions, Apollo Management IX will own 48.67% of the voting shares in the Gamenet and will be required to launch a mandatory takeover offer. The mandatory takeover offer shall be launched at the higher of the price per share paid to either TCP or Intralot, net of any Leakage. As on November 15, 2019, the offer per share has been increased to €13. As on November 15, 2019, Apollo Management IX LP through a reverse accelerated book-building acquired 4.8 million shares and including the earlier shares of the previous agreement, it now owns 19.4 million shares of Gamenet Group, representing 67% stake. Hence, the percentage of the offer has been changed accordingly. The mandatory takeover offer is aimed at the delisting of the Gamenet. Apollo Management IX will fund the transaction, including any potential refinancing of the Gamenet existing debt, through a combination of its own cash resources, and a fully committed debt financing from international banks of primary standing. The mandatory offer is expected to close by the first quarter of 2020. As of January 22, 2020, CONSOB has approved the offer and the tender period as agreed with Borsa Italiana, will start on January 27, 2020 and will end on February 14, 2020. The consideration will be paid to the subscribers to the offer on February 19, 2020. The tender period might be re-opened for five consecutive trading days starting from the trading day immediately following the payment date, namely on February 20, 2020, February 21, 2020, February 24, 2020, February 25, 2020 and February 26, 2020. As of February 13, 2020, pursuant to the bid, Apollo Management IX LP is in possession of a total of 27.55 million Gamenet Group ordinary shares, equal to 90.73% of the share capital of the gaming company. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Latham & Watkins LLP acted as legal advisors and PricewaterhouseCoopers LLP advised for tax and financial aspects to Apollo Management and Banca IMI S.p.A. and Equita SIM S.p.A. acted as tender agents. Apollo Management IX LP completed the acquisition of the 51.33% stake in Gamenet Group S.p.A. (BIT:GAME) on February 14, 2020. Pursuant to the tender offer, 6.4 million shares have been tendered and Apollo will hold 29.3 million shares representing 96.58% of total share capital of Gamenet Group. The company announced the exercise of the squeeze-out.