Playtech in talks with Flutter over £2bn sale of Snaitech
Date: 2024-08-14 Author: Leon Pierce Categories: EVENTS
On August 14, 2024, it was reported that Flutter was in talks to buy Snaitech, Playtech’s Italian business. According to Sky News, the deal is worth around £2bn.
Playtech has so far granted Flutter an exclusivity period to complete the necessary procedures, including a thorough review of the company’s documentation and financial health.
Earlier in 2022, there were rumors of a possible sale of Snaitech, but after the division’s revenue tripled in the first half of the year, Playtech decided to postpone the sale.
Snaitech has continued to perform well in recent years, maintaining a leading position in the Italian market. In the 2023 financial year, the company achieved revenue of €946.6 million, an increase of 5.2% compared to the previous year.
Let us recall that Flutter already has experience in acquiring Italian companies: in August 2022, it acquired online gaming and lottery operator Sisal for €1.9 billion.
Later, on August 14, Flutter confirmed the fact of negotiations with Playtech on the acquisition of Snaitech, but also noted that at this stage there is no guarantee that the deal will be completed.
