Flutter receives final approvals for €2.3bn Snaitech acquisition
Global operator set to take market leading position in Italy with move for omnichannel business, as Playtech lays out special dividend plans ahead of disposal
Flutter Entertainment has received all of the necessary regulatory and anti-trust approvals to complete its €2.3bn (£2bn) acquisition of Snaitech from Playtech.
The deal, which was first announced in September 2024, will strengthen the New York-listed giant’s position in Italy, where it is already live with Sisal.
The business said that once the deal completes it will take around 30% of the Italian online market, with at least €70m in cost synergies having been earmarked.
The acquisition is now expected to complete by the end of April, with Flutter set to provide a further update on its plans for the asset at its Q1 results on 7 May.
Flutter 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 capitalise on the growth opportunity in Europe’s largest regulated market.”
Following the disposal of Snaitech, Playtech will shift its focus to B2B operations, which the business spoke extensively about during its full-year 2024 earnings analyst call.
In its own update on the Snaitech sale, the company added: “Completion of the transaction will enable Playtech to focus on its technology-led offering in high-growth B2B gambling markets with an accelerated growth plan and an extensive portfolio of strategic ventures.
“The board believes that there is significant further upside from Playtech’s simplified business model and focused B2B strategy going forward.”
As part of the Snaitech sale, Playtech will also issue a transaction dividend back to shareholders of €5.73 per share.
The special dividend is expected to be paid in June, with a full timetable to be published by the London-listed firm in due course.
Playtech’s C-suite are also in line for a €100m aggregate bonus pool for overseeing the sale after the proposal was backed by shareholders in December.
CEO Mor Weizer could receive up to €50m alone as part of the transaction.