Playtech has bought a 70.6 percent stake in Italian gaming and betting operator Snaitech for €846 million and said it expects to acquire all the remaining shares in Snaitech by the fourth quarter of 2018.
Snaitech has headquarters in Milan, Porcari and Rome and operates 600 points of sale located throughout Italy, offering 60,000 slot machines and more than 10,000 video lottery terminals, the company said in a press release.
The initial acquisition is subject to regulatory and shareholder approvals.
“The acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands in fast growing, regulated markets,” said Mor Weizer, CEO of Playtech. “The acquisition delivers the board’s strategic objective to improve the quality and diversification of group revenue, whilst delivering exposure to high growth end markets, by utilizing the strength of Playtech’s balance sheet.”
Snaitech also operates the website,www.snai.it, which offers gaming and entertaining services and owns three race tracks—two Milan, San Siro galoppo and La Maura trotto, and one in Tuscany in Montecattini Terme, Sesana trotto.
In 2017, Snaitech generated revenue and EBITDA of €890m and €136m, respectively. The deal will be funded by Playtech’s existing cash and new debt, and it is expected to deliver cost synergies of €10m, local reports said.
