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NewsSeptember 17, 2024·1 min read
Flutter Entertainment Acquires Snai to Boost Italian Market Presence
Flutter Entertainment has agreed to acquire Snaitech S.p.A. (Snai) from a subsidiary of Playtech plc for €2.3 billion. Snai is the number three online operator in the Italian market with a 9.9% share in 2023 and 291,000 average monthly players. The acquisition is expected to close by Q2 2025 and to be immediately accretive to earnings per share.
Snai generated €947 million in regulated revenue and €256 million in Adjusted EBITDA in the financial year 2023. The acquisition is expected to deliver operating cost synergies of at least €70 million. Flutter's leverage ratio was 2.6x with $5.5 billion of net debt at June 30, 2024.
Peter Jackson, CEO of Flutter Entertainment, commented on the acquisition, stating that it fits perfectly within their strategy for value-creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market-leading products and capabilities both in the US and globally.
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