Flutter: Flutter Entertainment announces completion of Snai acquisition

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment (NYSE:FLUT, LSE: FLTR)) ("Flutter") the world's leading online sports betting and iGaming operator today announces that it has completed the acquisition of Snaitech S.p.A. ("Snai"), one of Italy's leading omni-channel operators from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of €2.3b1.The acquisition of Snai, which will be positioned within the Southern Europe & Africa region of our International division, aligns with Flutter's strategy to invest in leadership positions in attractive international markets, and we believe will create shareholder value through:Adding an enhanced position in Italy, Europe's largest regulated market which has significant online growth potential due to comparatively low online penetration rates. Advertising restrictions also increase the strategic importance of Snai's strong and complimentary retail presence. Adding Snai to the Flutter portfolio will increase Flutter's online market share in Italy to approximately 30%2Enhancing Flutter's "local hero" brand portfolio. Snai has a strong base of highly engaged omnichannel customers along with one of the most recognizable brands which is expected to expand and diversify customer acquisition opportunities for Flutter in ItalyDelivering meaningful value creation, through access to the Flutter Edge, with target operating cost synergies of at least €70m, to be achieved within three years of closing at a cost of 1.25x and capex synergies at €10m. Revenue synergies are expected to be achieved by leveraging Flutter Edge capabilities across pricing and risk management, in-house iGaming content and other Flutter technology to enhance the experience offered to Snai's customersPeter Jackson, CEO, commented:"I am delighted to welcome Snai, one of the leading gaming brands in Italy, to the Group. 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 and is expected to bring about significant growth opportunities for Snai by providing access to Flutter's market leading products and capabilities. It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination."The transaction has been completed using the debt facilities set out below. We expect leverage to increase but then reduce given the highly visible profitable growth opportunities that exist across the Group and we remain committed to our medium-term leverage ratio ...Full story available on Benzinga.com