Mybet finalises sale of Italian business

German operator mybet has completed the sale of its Italy-facing business mybet Italia for an undisclosed fee as the company continues its business-wide restructure.

Mybet confirmed the disposal of the business unit this morning and said it had struck a deal to sell it to current mybet Italia managing director Gianluca Torricelli yesterday.

Torricelli has served as manager director of Modena-based mybet Italia since December 2010.

The company did not confirm whether the agreement would see Torricelli remain an employee of the mybet group or whether the Italian business will continue to trade under the mybet name following the sale.

Mybet first announced it was to sell its Italian-facing business in May this year as part of a wider restructuring effort after the operator reported a 40% year-on-year slide in Q1 net profit.

“Business for the Italian subsidiary mybet Italia did not develop as hoped in the first quarter of 2014,” the company said in a statement released at the time.

Last month mybet divested all shares in its Spanish business units Digidis S.L. and Digidis S.L. in order to “eliminate potential risks” and “ensure greater stability within the group”, receiving a combined fee of €275,000 for the two businesses from an unnamed purchasing party.

Mybet was unavailable for comment at the time of writing.