Playtech has announced ongoing negotiations with Flutter Entertainment regarding the sale of its Snaitech business.
On Wednesday, August 14, Sky News reported that Flutter is in discussions to purchase Playtech’s Italian division in a deal valued at around £2bn (€2.3bn/$2.6bn).
Playtech revealed that Flutter is conducting due diligence on the business, having been granted a period of exclusivity to complete the necessary transaction documentation.
Rumors of a potential sale of Snaitech surfaced in 2022, but plans were put on hold when the business’s revenue tripled in the first half of that year.
Snaitech has maintained strong performance, leading the Italian market by share and generating €946.6m in revenue for FY2023, marking a 5.2% increase from the previous year.
In a related move, Flutter acquired Italian online gaming and lottery operator Sisal in August 2022 for €1.9bn.
Flutter confirmed the talks later on Wednesday, mirroring Playtech’s statement that there is no certainty the acquisition will be finalized.
Further details are anticipated.