Flutter finalizes Snai acquisition, expands Italy footprint

NEW YORK - Flutter Entertainment (NYSE:FLUT; LSE:FLTR), a global leader in online sports betting and iGaming, has announced the completion of its acquisition of Italian gaming company Snaitech S.p.A. ("Snai") from a subsidiary of Playtech (LON:PTEC) plc. The transaction, valued at €2.3 billion on a cash-free and debt-free basis, is expected to significantly enhance Flutter’s market presence in Italy, Europe’s largest regulated market.

The deal, which positions Snai within Flutter’s Southern Europe & Africa region, aims to bolster the company’s strategy of investing in leadership positions in lucrative international markets. Flutter anticipates that the acquisition will increase its online market share in Italy to around 30%.

Snai’s acquisition is anticipated to deliver value creation through operational cost synergies forecasted to be at least €70 million within three years, with an additional €10 million in capital expenditure synergies. Flutter also expects to leverage its proprietary technology, known as Flutter Edge, to enhance Snai’s customer experience through improved pricing, risk management, and in-house iGaming content.

Flutter CEO Peter Jackson expressed enthusiasm about the acquisition, stating, "Snai’s significant omnichannel presence brings strategically important assets to enhance Flutter’s position in Italy. The transaction fits perfectly with our strategy for value creating M&A."

The purchase was financed through a bridge credit agreement, with the company planning to refinance the facility in the future. The facility, maturing on April 29, 2026, includes extension options and bears interest at EURIBOR plus a margin of 1.25%.

While the acquisition increases Flutter’s leverage, the company remains committed to its medium-term leverage ratio target of 2.0-2.5x, anticipating a reduction due to the profitable growth opportunities across the group. Flutter is set to provide further updates, including financial guidance, in its first quarter results on May 7, 2025.

This move is part of Flutter’s ongoing strategy to expand its global reach and enhance its portfolio with local brands that have a strong customer base and recognition. The company’s diverse portfolio includes FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, and other prominent brands.

The information in this article is based on a press release statement from Flutter Entertainment.

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