Sky News reported on the morning of August 14 that Flutter was in talks to buy Playtech‘s Italian business in a deal worth approximately £2 billion (€2.3 billion or $2.6 billion).
Playtech said that Flutter is conducting due diligence on the business after granting a period of exclusivity to finalize the required transaction documentation.
In 2022, rumors circulated that Playtech was considering a sale of Snaitech. However, when its revenue tripled in H1 of that year, the supplier stop plans to sell it off.
Snaitech leads in Italy by market share and has continued to perform well. They achieved a revenue of €946.6 million in FY2023, marking a 5.2% year-on-year increase.
Flutter acquired the Italian online gaming and lottery operator Sisal for €1.9 billion in August 2022.
Flutter issued later on that a response stating it was indeed in talks to take possession of Snaitech. Playtech’s earlier statement also echoed that there was no guarantee the addition would proceed.
Owner of Paddy Power says no certainty of a deal in the middle of consolidation in Italy of online gaming.
In exclusive talks to buy London-listed Italian business of Playtech in a deal that could value the betting company at around £2 billion.
Shares in Playtech jumped 19 per cent. This is after the gaming software group confirmed they were in talks with Flutter over Snaitech, an Italian business. Shares in Flutter rose 10 per cent. They reported a 20 percent jump in second-quarter revenue late on Tuesday.
In a statement, Playtech said that there can be no certainty that any transaction regarding the potential sale of the Snailtech business will ultimately be agreed, or as to its terms.
