Playtech in Talks with Flutter Entertainment for Potential £2bn Sale of Italian Unit Snaitech

1 min read | August 14, 2024 06:38 AM PDT | By Team Kalkine Media

Google News:

Playtech in Talks with Flutter Entertainment for Potential £2bn Sale of Italian Unit Snaitech — Image source: © Asolano97 | Megapixl.com

Recent News

Is Pitney Bowes Still Hiding Value After Its Rally?

What’s Driving Unity Bancorp Climb To New Highs?

Why United Parcel Service Is Back on The Market Radar?

Why Is Halliburton Facing Fresh Market Pressure?

Make Kalkine Media
My Trusted Source

Gambling technology firm Playtech announced on Wednesday that it is in discussions with Irish betting giant Flutter Entertainment regarding the potential sale of its Italian unit, Snaitech. This development comes amid growing speculation that Flutter, the owner of FanDuel, is eyeing Snaitech as a strategic acquisition to bolster its presence in one of Europe's largest gambling markets.

Potential £2 Billion Deal Boosts Playtech and Flutter Shares

Earlier, Sky News reported that Flutter was in talks to acquire Snaitech in a deal that could be valued at approximately £2 billion ($2.57 billion). The news of the potential transaction sent Playtech’s shares soaring by 19%, marking their highest level since March 2022. Flutter Entertainment, which had just reported strong financial results on Tuesday, also saw its London-listed shares rise by 8% following the announcement.

Strategic Move as Flutter Eyes Expansion in Italian Gambling Market

The potential acquisition of Snaitech would represent a significant expansion for Flutter Entertainment in the Italian market, where Snaitech is one of the largest gambling operators. For Playtech, the sale of Snaitech would be a major divestment, allowing the company to focus on other areas of its business.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.