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In a recent update, Flutter Entertainment plc (NYSE:FLTR), a gaming powerhouse with annual revenue of $14.05 billion, has announced the completion of its acquisition of Snaitech S.p.A. The disclosure, made public through a Form 8-K filed with the U.S. Securities and Exchange Commission today, follows the company's previous announcements regarding the strategic purchase.
The acquisition, which was finalized today, was first communicated via the Regulatory News Service in London. This move is part of Flutter Entertainment's ongoing expansion and growth strategy, with InvestingPro data showing strong revenue growth of 19.15% in the last twelve months. Snaitech, an Italian gaming company, is expected to complement Flutter's existing portfolio of international operations.
Flutter Entertainment, formerly known as Stars Group Inc. and Amaya Inc., is headquartered in New York and operates under the computer programming and data processing industry classification. With a market capitalization of $37.95 billion and operating with moderate debt levels, Flutter aims to strengthen its foothold in the European gaming market.
The financial terms and potential impact of the acquisition on Flutter's financial position have not been disclosed in the report. However, investors and market watchers will be keenly observing how this acquisition will influence Flutter's market performance and competitive positioning. According to InvestingPro, analysts expect continued growth in both sales and net income this year, with 12 more exclusive insights available to subscribers.
The completion of this deal marks a significant step for Flutter Entertainment as it continues to diversify its global operations and enhance its product offerings. Currently trading at $214.97, the company's shares have shown strong returns over the past five years, though they currently trade at high earnings multiples. The company's ordinary shares, with a nominal value of €0.09 per share, are traded on the New York Stock Exchange under the ticker symbol FLUT.
The information regarding this corporate event is based on the statements provided in the Form 8-K filing by Flutter Entertainment plc.
In other recent news, Flutter Entertainment has announced that board member Atif Rafiq will not stand for re-election at the upcoming Annual General Meeting due to other commitments. The company expressed gratitude for Rafiq's contributions, emphasizing no disagreements with its operations. Additionally, Flutter Entertainment disclosed its total voting rights to comply with UK regulatory requirements, maintaining transparency with shareholders. Furthermore, the company announced a block listing application for its ordinary shares, a routine procedure to facilitate share issuance.
In the competitive online sports betting and gaming sectors, Barclays (LON:BARC) noted shifts in market shares, with Flutter's FanDuel experiencing a mixed performance. FanDuel saw a decrease in handle share but gained in gross gaming revenue and net gaming revenue shares. UBS analyst Ben Shelley maintained a Buy rating for Flutter Entertainment, citing anticipated improvements in promotional efficiency and parlay penetration in the online sports betting sector. Shelley's forecasts for the company include a slight adjustment in handle growth projections but an increase in net win margin and iGaming growth.
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