Connect Yorkshire sponsor Flutter Entertainment, the sports betting group behind Paddy Power, Betfair and Sky Betting and Gaming, has secured regulatory approval for the €2.3bn acquisition 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.
Online revenue and adjusted EBITDA have grown at a compound rate of 26 per cent and 32 per cent, respectively, in the four fiscal years to 2023.
Flutter has now secured regulatory approval for the acquisition and the transaction is expected to be completed by the end of April.
On completion, Flutter is set to have a circa 30 per cent online share in Italy when combined with its existing business, which includes Sisal.
In a statement, the listed group said: “The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets, creating value through providing access to Flutter’s market leading products and capabilities.
“Adding Snai to the Flutter portfolio will consolidate Flutter’s leadership position in Italy and create a position of increased scale to capitalize on the growth opportunity in Europe’s largest regulated market.”
Article via insidermedia.com
