ACXIT Capital Partners AG act as Fairness Opinion Provider to Lotto24’s Supervisory Board and Executive Board in the context of the voluntary public offer of ZEAL Network for all outstanding shares of Lotto24

Zurich, 07 March 2019. On 19 November 2018, ZEAL Network SE (“ZEAL”), a company listed on the Prime Standard sub-segment of the regulated market of the Frankfurt Stock Exchange (“FSE”), with a market capitalization of EUR 197.0m as of 11 February 2019, launched a voluntary public takeover offer (“Public Offer” or the “Transaction”) according to section 10 section 1 sentence 1 of the German Securities Acquisition and Takeover Act for all outstanding shares of Lotto24 AG (“Lotto24” or “the Company”), also listed on the FSE, with a market capitalization of EUR 322.2m as of 11 February 2019.

Lotto24 is Germany’s leading online lottery broker. The Company is exclusively active in the online brokerage of state-licensed lottery products in Germany. The Company currently employs around 100 people, was founded in 2010 as a spin-off of Tipp24 SE (“Tipp24“) and is based in Hamburg.

ZEAL (formerly Tipp24) an innovative, international digital lottery group offering online lottery products e.g. in Germany, Spain and the UK. ZEAL currently employs 274 people, was founded in 1999 in Hamburg, and is based in London, United Kingdom.

ACXIT Capital Partners AG acted as provider of an independent Fairness Opinion to Lotto24’s Supervisory Board and Executive Board in the context of this Transaction.

Key Aspects and Transaction Highlights:

  • Bringing together two iconic German lottery brands – Lotto24 and Tipp24: Currently more than 5 million combined customers and about EUR 500m in combined billings
  • Accelerate growth in online brokerage of lottery products in Germany: Accelerated growth driven by shift to online, with only 13% market share online vs. offline, trailing far behind other European countries
  • Smooth integration process: Smooth integration due to the companies’ shared history and culture, proven management teams and similar operational infrastructure

The proposed takeover of Lotto24 by ZEAL will create a digital lottery giant in Germany as Tipp24, the secondary lottery betting business of ZEAL, will be transformed from a secondary lottery business to a locally licensed lottery brokerage business going forward.


ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York, as well as strong alliances in France, China and India. (



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