Private equity firms Apax Partners and Permira are preparing to take out a €990m ($1.3bn) loan to finance their acquisition of Italian betting firm Sisal, in one of the largest leveraged buyouts in the country.

Seven banks have been called in to arrange the loan financing, which comes just over two months after Apax and Permira agreed to buy Sisal for €1.2bn from Italian buyout firm, Clessidra Capital.