Flutter Entertainment Eyes Multi-Billion Acquisition of Snaitech
Flutter Entertainment is in discussions to acquire Playtech-owned Snaitech in a deal potentially valued at approximately £2 billion.
Flutter Entertainment announce hopes to acquire Snaitech from Playtech.
LISTEN TO THIS ARTICLE:UK media has reported that Flutter Entertainment is negotiating the purchase of Snaitech, one of Italy’s leading gambling companies. While the exact stage of the discussions is unknown, it is thought that the negotiations have progressed enough that Playtech may soon need to make a public disclosure.
Finalized Agreement Expected in September
A finalized agreement is not anticipated until at least next month. Should the deal go through, Snaitech would likely be valued higher than Playtech’s current market capitalization, which includes a significant business-to-business (B2B) gambling technology segment.
As of Wednesday morning, Playtech’s shares were trading around 548p, putting its market value at roughly £1.66 billion. Snaitech, operating under the Snai brand, saw its revenues rise by 5% to €946.60 million in the last financial year, maintaining its position as a leader in Italy’s sports betting market.
Selling Snaitech to Flutter would transform Playtech into a focused B2B company, which could, in turn, make it an attractive target for future acquisition attempts. Under the leadership of Mor Weiser, Playtech has recently experienced strong results, driven by its expansion into the US and the impressive performance of Snaitech.
Playtech has been involved in several high-profile takeover bids in recent years. In 2022, its shareholders rejected a takeover offer from Australian company Aristocrat Entertainment. The following year, there were reports of Playtech approaching the struggling 888 Holdings, now renamed Evoke, about a possible merger, though this also failed to materialize.
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Flutter Pursuing Aggressive Expansion
For Flutter, acquiring Snaitech would be another significant move in the company’s ongoing corporate transformation led by CEO Peter Jackson. The company’s recent decision to relocate its primary listing to the US has raised concerns about the appeal of the London stock market.
Flutter has been expanding its global footprint through a series of acquisitions, with Snaitech being the latest target. Flutter previously acquired Sisal, another major Italian gambling company, although it remains unclear if Sisal and Snaitech would be merged.
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