Flutter Entertainment has announced the purchase of Italian online operator Sisal for €1.91bn ($2.17bn).
The acquisition synchronises with Flutter’s plan of investing to build strategic positions in regulated markets around the world.
The transaction is likely to finalise during the second quarter of 2022 and is expected to be accretive to adjusted earnings in the first year post-completion.
Thanks to this purchase, Flutter secures an important position in the Italian market. The combination of Sisal with Flutter’s existing online presence in the Italian market (via PokerStar and Betfair) results in a combined online market share of 20%.
According to the industry giant, Italy is Europe’s second-largest regulated gaming market behind the UK.
Flutter will also benefit from an increase in its recreational base with the addition of 300,000 engaged online average monthly players and over 9.5 million retail customers.
Peter Jackson, Flutter CEO, commented: "I am delighted to add Sisal, Italy's leading gaming brand, to the group as we look to attain a gold medal position in the Italian market. Sisal has grown its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation.
“I'm excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities.”
Francesco Durante, Sisal CEO, added: "Over the last five years, thanks to CVC's support, we have successfully transformed Sisal into a leading digital and international gaming company.
“We are delighted to join Flutter, and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in. I look forward to working with Peter and the team on the next chapter of Sisal history."