Flutter agrees to acquire Snaitech S.p.A. based on enterprise value of EUR 2.3B

Flutter Entertainment announces that it has agreed to acquire Snaitech S.p.A., which it calls “one of Italy’s leading omni-channel operators,” from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of EUR 2.3B. “The acquisition fully aligns with Flutter’s strategy to invest in leadership positions in international markets. We expect the transaction to close by Q2 2025 and it is expected to be immediately accretive to earnings per share. Snai is the number three online operator in the Italian market with a 9.9% share in 20232 and 291,000 average monthly players3. Online revenue and Adjusted EBITDA have grown at a compound rate of 26% and 32% respectively, in the four fiscal years to 20233. This is supported by a strong retail presence with over 2,000 sites3 driving a number two retail share position in both betting of 19% and gaming of 14%. Snai generated 100% regulated revenue of EUR 947M (which is after the deduction of gaming duties) and Adjusted EBITDA of EUR 256m in financial year 2023, of which 50% was generated online. On completion, Flutter will assume the gold medal position in Italy with a ~30% online share when combined with its existing Italian business4, which will deliver efficiency benefits in a key market for the Group,” Flutter stated.