Flutter Wants to Buy Playtech’s Italian Division for $2.6 Billion

Flutter is in negotiations to acquire Playtech's Italian division, Snaitech, for approximately £2 billion (€2.3 billion or $2.6 billion). As reported by Sky News, Flutter is currently conducting due diligence on Playtech's operations and has been given an exclusivity period to finalise the necessary documentation for the transaction.

Following the announcement, Playtech's share price surged by 22.1% to £6.57. However, the company has issued a cautious statement, indicating that "there can be no assurance that any transaction relating to a potential sale of the Snaitech business will ultimately be agreed." Further updates on the purchase will be provided as necessary.

Snaitech, also known as Snai, is among the leading gambling operators in Italy, competing with Flutter’s Sisal brand. Playtech acquired Snai in March 2018 for €846 million after gaining approval from the country's gambling regulator. Historically, Flutter has grown through mergers and acquisitions, acquiring the Sisal business for €1.91 billion in December 2021. Additionally, insiders suggest that Flutter may be eyeing a bid for Brazilian operator Betnacional.