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Funds advised by Apax Partners and Permira announce the closing of the Sisal acquisition

17th October 2006

Apax Giochi Holding S.p.A., a company controlled by private equity funds advised by Permira and Apax Partners, today announced the successful completion of the a

Giochi Holding S.p.A., a company controlled by private equity funds advised by Permira and Apax Partners, today announced the successful completion of the acquisition of Area Giochi Holding S.p.A., a company that controls 97% of the share capital of Sisal S.p.A., valued by the buyers at approximately 900 million Euros.

Milan, 17 October 2006  Giochi Holding S.p.A., a company controlled by private equity funds advised by Permira and Apax Partners, today announced the successful completion of the acquisition of Area Giochi Holding S.p.A., a company that controls 97% of the share capital of Sisal S.p.A., valued by the buyers at approximately 900 million Euros. Sisal S.p.A. operates in the gaming and betting sector.

The Clessidra fund remains in the new capital structure with a significant quota.

Apax Partners and Permira's M&A advisers were Lehman Brothers and Morgan Stanley, supported by ABN Amro and Banca Intesa. Bonelli, Erede and Pappalardo e Chiomenti acted as legal advisers. Studio Maisto & Associati and Studio Di Tanno operated as tax consultants for the transaction and Global Leisure Partners acted as strategic advisor.

Acquisition financing was provided by ABN Amro, Banca Intesa, Bayerische Hypo-und Vereinsbank, Calyon,  Lehman Brothers, Mizuho and Royal Bank of Scotland.

Clessidra was advised on M&A by Merrill Lynch and Mediobanca and by Studio Pavia e Ansaldo for the legal aspects.

Giancarlo Aliberti and Amedeo Carassai, respectively Managing Partner and Partner of Apax Partners in Italy stated: "We are convinced that the entry of the new funds in Sisal share capital will permit the acceleration of the company's growth in the sports betting, video games and lotteries markets in Italy and abroad. We will continue to invest in Sisal's network of agencies and betting shops, supported by an excellent team of managers".

Nicola Volpi, managing director of Permira and Roberto Biondi said: "We have found an excellent platform in Sisal, which will support the planned growth programme over the next few years. Sisal's historic presence  capillary distribution and excellent management team will position the company to play an important role in the future development of the Italian gaming sector. The support of the Permira and Apax Funds will help to facilitate growth, both organically and through acquisitions abroad".

Notes to Editors

Sisal S.p.A.
Sisal S.p.A. is a private Italian company that has over fifty years of history in the service of the public and Italian State in gaming, betting and lottery sector. Sisal business covers the complete cycle of the necessary operations: organisation, commercial activities, technological, administrative and financial support. Recently Sisal has widened its betting and gaming product offering to innovative services related to the telecommunications world and payment services. Sisal employs about 675 persons, divided between the Milan head office, where the General Management is located, and the Rome office. For further information: www.sisal.it.

Apax Partners
Apax Partners is one of the world's leading private equity investment groups.  It operates across the United States, Europe, Israel and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total $20 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services.
Amongst the more significant investments made by the funds advised by Apax Partners are: Azimut, TIM Hellas, TDC, GHG, Inmarsat, Intelsat, Tommy Hilfigher, PVH / Calvin Klein, Kabel Deutschland and Yell. For further information: www.apax.com.

Permira
Permira is one of the principal private equity operators internationally. Its team of 100 professionals based in Milan, London, Frankfurt, Paris, Madrid, Stockholm, New York and Tokyo, Permira advises the Permira Funds, with a total committed capital of 21 billion euros. Permira IV, the most recent fund closed in September 2006, at over 11 billion euros. From 1985 to date the Permira Funds have been involved in over 280 investments; in the last year 7 transactions were completed, with a total transaction value of over 18 billion euros.
In Italy Permira is known for having completed numerous successful transactions, amongst which the better known are: Seat (yellow pages) - Ferretti (motor yachts) - Marazzi Group (ceramics) - Grandi Navi Veloci (cruise ferries) - EEMS (test and assemblies for semi-conductor memories). For further information: www.permira.com.

Contact

Apax Partners
Lorella Cremonesi
T: +39 02 76.21.19.1
E: Lorella.cremonesi@apax.com

Permira
Barabino & Partners
Luca Barabino
Nicola Guglielmi
T. +39 02 72.02.35.35
E: n.guglielmi@barabino.it