Tektron S.A.
“Athelera provided us with extraordinary services. They rapidly became experts in out line of business and dedicated all necessary resources to ensure a timely and successful completion of a transaction. Their personal attention and high-level expertise in mergers and acquisition helped achieve a fantastic result for us. I was personally very satisfied with their work and subsequently hired them for another transaction (the sale of my joint venture partnership with toy maker Hasbro (NYSE: HAS), which was also successfully completed.”
- Ben Schneider
CEO
Tekstar S.A.

Transaction
Athelera completed the sale of 100% of Tektron S.A., the largest lottery operator of Peru, owner of the best-selling “Tinka” line of entertainment products. Tektron was owned by IBM del Peru S.A. and two Peruvian shareholders, Tekstar S.A. and ELR S.A. This was a joint mandate with Violy, Byorum & Partners.

Challenges
Tektron presented three main challenges which are common in Latin American enterprises. First, the shareholders of the company had diverging interests and objectives regarding the transaction. Second, the company was emerging from a downward phase in the country´s economic cycle, which made it more difficult to achieve a price that reflected the full value potential of the company. Finally, the lottery sector has few global players and these are dispersed around the globe.

Athelera´s Strategy
Athelera conducted a competitive auction process to which it invited over 35 lottery operators and private equity funds from the US, Europe, Asia and Latin America. The auction process allowed Tektron´s shareholders to receive multiple indications of value for their asset which eventually translated into the maximization of the price received. Discussions with last-round bidders entailed the negotiation of distinct terms for each of Tektron´s shareholders to best reflect individual objectives.

Result
Tektron was sold to Greece-based Intralot S.A. (Greek Stock Exchange: INLOT). Intralot integrated Tektron S.A. with the operations it already had in Peru, achieving further synergies and capturing additional value. Tektron´s shareholders were very satisfied with the results of the transaction having exceeded expectation in terms of value and achieved the individual objectives.