Flutter Completes Acquisition of Snai, Strengthening Italian Presence
Deal News | Apr 30, 2025 | Globenewswire
Flutter Entertainment, the leading online sports betting and iGaming operator, has finalized its acquisition of Snaitech S.p.A. from Playtech plc for a cash consideration based on an enterprise value of €2.3 billion. This strategic acquisition aligns with Flutter's goal to strengthen its market position within the Southern Europe & Africa region by enhancing its omnichannel presence. Snai’s integration is expected to boost Flutter's online market share in Italy to 30%, fortifying its brand portfolio. The deal promises significant synergies, including operating cost reductions of €70 million within three years and revenue opportunities through Flutter's technology. This acquisition was financed through a bridge credit agreement of €2.5 billion with anticipated leverage adjustments to follow. The CEO of Flutter, Peter Jackson, highlights the value creation and growth prospects expected from the amalgamation of Snai’s assets into the Flutter group framework.
Sectors
- Online Sports Betting and iGaming
- Mergers and Acquisitions
Geography
- Italy – The acquired company, Snaitech, is a major operator in Italy, which is Europe's largest regulated market with strong growth potential.
- United Kingdom – Flutter Entertainment is publicly traded on the London Stock Exchange and engages with UK-based financial markets for this transaction.
Industry
- Online Sports Betting and iGaming – The main industry involved is online sports betting and iGaming, given Flutter Entertainment's role as a global leader in this sector.
- Mergers and Acquisitions – The acquisition of Snaitech by Flutter Entertainment is a significant M&A activity in the gaming sector, reflecting the strategic consolidation in the industry.
Financials
- €2.3 billion – Enterprise value and cash consideration for the acquisition of Snaitech by Flutter Entertainment.
- €2.5 billion – Amount of the senior secured first lien term loan (Bridge Credit Agreement) to finance the acquisition.
- €70 million – Target operating cost synergies expected within three years of acquisition closing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Flutter Entertainment | Acquirer | Company | The world's leading online sports betting and iGaming operator involved in acquiring Snaitech. |
| Snaitech S.p.A. | Target company | Company | An Italian omni-channel gaming operator acquired by Flutter Entertainment. |
| Playtech plc | Vendor | Company | The parent company of the subsidiary selling Snaitech to Flutter Entertainment. |
| Peter Jackson | CEO of Flutter Entertainment | Person | Chief Executive Officer of Flutter Entertainment, commenting on the strategic acquisition. |
| J.P. Morgan SE | Administrative Agent | Company | Involved in the bridge credit agreement to finance Flutter's acquisition of Snaitech. |