Key points:
- Flutter has officially closed its Snaitech acquisition
- This news comes following regulatory approval of the deal earlier in April
- The €2.3bn sale price represents a 16.5% premium on Playtech’s acquisition in 2018
Flutter Entertainment has confirmed the closure of its Snaitech acquisition – officially taking over the Playtech subsidiary operation for a sum of €2.3bn ($2.6bn).
Indeed, as one of Italy’s largest operators, the acquisition of Snaitech will aid Flutter’s ongoing expansion strategies within the European market. On the other side of the deal, this sale price represents a significant return of 16.5% for Playtech, who originally acquired Snaitech in 2018 for €846m.
Following this deal, it is expected that Playtech will pivot focus to its core B2B business in the growing markets of the Americas – as well as in Europe. For Flutter, the company now owns the sizable Italian operator alongside Italian lottery organisation Sisal – which was purchased for £1.62bn ($2.16bn) from CVC Capital Partners in 2022.
Speaking on this latest announcement, Flutter CEO, Peter Jackson, said: "I am delighted to welcome Snai, one of the leading gaming brands in Italy, to the Group. Snai's significant omnichannel presence brings strategically important assets to enhance Flutter's position in Italy.
“The transaction fits perfectly with our strategy for value creating M&A and is expected to bring about significant growth opportunities for Snai by providing access to Flutter's market leading products and capabilities. It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination."
Good to know: Last month, discourse began to circulate around Flutter potentially launching a bid for the Italian Lottery licence with Scientific Games via its Sisal subsidiary
Pertaining to this latest acquisition, rumours of the deal first surfaced last summer, with reports of regulatory approval coming earlier this month following the operator’s FY 2024 financial report which unveiled a total revenue of $14.05bn for the year.
