Level 2

Playtech to sell Italian business to Flutter for €2.3bn

By Michele Maatouk

Date: Tuesday 17 Sep 2024

Playtech to sell Italian business to Flutter for €2.3bn

(Sharecast News) - Gambling technology firm Playtech said on Tuesday that it has agreed to sell its Italian business, Snaitech, to Paddy Power owner Flutter Entertainment for €2.3bn in cash.

Once the deal completes, Playtech said it will focus on its "technology-led offering in high-growth B2B gambling markets with an accelerated growth plan and an extensive portfolio of strategic ventures".

Playtech also said that after completion, it plans to return €1.7bn to €1.8bn to shareholders by way of a special dividend.

Chief executive Mor Weizer said: "While Snaitech has been an important part of the Playtech Group's growth in recent years, the board agreed that this transaction represents a compelling opportunity to maximise value for our shareholders while also allowing them to share in further upside from continued ownership of a leading B2B business.

"The combination of the Playtech Group's leading technology with its exposure to attractive markets, including in the Americas and Europe, provides a strong platform for growth in the medium-term. We are excited about what the future holds and the many opportunities ahead of us.

"In Flutter, Snaitech will have a new owner with an existing presence in Italy and all of the opportunities that brings. I'm confident that Snaitech will continue to excel under their ownership."

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page