Connect Yorkshire sponsor Flutter Entertainment, the sports betting group behind Paddy Power, Betfair and Sky Betting and Gaming, has completed the €2.3bn acquisition of a business in Italy.
The listed group announced in September 2024 that it had agreed to acquire Snaitech (Snai) from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of €2.3bn.
Snai is the number three online operator in the Italian market with a 9.9 per cent share in 2023 and 291,000 average monthly players. It also has a strong retail presence with more than 2,000 sites.
Snai will be positioned within the Southern Europe & Africa region of Flutter’s International division. The acquisition is set to increase the group’s online market share in Italy to approximately 30 per cent.
Peter Jackson, chief executive at Flutter Entertainment, 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.”
Flutter has agreed a €2.5bn bridge credit agreement with certain banks to fund the Snai acquisition.
Article via insidermedia.com
