Flutter Agrees to Acquire Italian Operator Snaitech from Playtech
Flutter Entertainment, the global sports betting and iGaming company, has announced it has reached an agreement to acquire the Italian betting operator Snaitech (Snai) from Playtech.
Flutter Entertainment Acquires Snaitech from Playtech.
LISTEN TO THIS ARTICLE:Snaitech is one of the leading omni-channel gaming operators in Italy and in details of the agreement Flutter is set to pay €2.3 billion for the Playtech subsidiary. This announcement marks the culmination of weeks of behind-the-scenes work since it was made public Flutter was set to acquire Snaitech.
Leadership at Flutter saying the acquisition will see the business enjoy synergies in the Italian market which should lead to an estimated €70m in cost reductions across the group. The deal is expected to be completed in the second quarter of next year.
I am delighted to announce the acquisition of Snai, one of the leading players in Italy, Europe’s largest regulated market. This transaction is compelling strategically and financially. It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market leading products and capabilities both in the US and globally.
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Flutter to Lead Italian Gaming Sector
Flutter says the acquisition is a strategic move that will see the global operator increase its presence in the Italian gaming market. Following the deal, the combined business will enjoy a market share of 30% of the gaming sector.
Italy is Europe’s leading gaming market and due to the increase of digital gambling in the region, this market is estimated to achieve growth of 10% a year. Senior leadership at Flutter have expressed their delight to be joining the expanding Italian gaming market and state it aligns with the group’s strategy of long-term growth.
Earlier this month Flutter confirmed the acquisition of the NSX Group, as it looks for expansion in Brazil.
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