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Playtech buys stake in Snaitech for $1.05 billion in regulated market play

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Golden Matrix and Playtech Announce Collaboration Agreement to Expand Distribution in Esport and Betting Game Markets Worldwide
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UK gambling technology company Playtech said it agreed to buy a 70.6 percent stake in Italian betting and gaming firm Snaitech for 846 million euros ($1.05 billion), in a move to source most of its revenue from regulated markets.

Playtech would be required to make a mandatory takeover offer for the remaining stake in Snaitech on completion of the 70.6 percent stake purchase, it said on Thursday

The stake buy, agreed with certain shareholders in the Italian company, would mean 78 percent of revenue for the enlarged group would come from regulated markets. Snaitech is fully regulated in the markets in which it operates, Playtech said.

 The deal, which would be funded by Playtech’s existing cash and new debt, is expected to deliver cost synergies of 10 million euros.

Snaitech, which is also involved in racetrack management and television services, generated revenue of 890 million euros and core earnings of 136 million euros in 2017.

For Playtech, the Italian deal comes in the backdrop of sweeping regulatory changes at its UK home market, where lawmakers have hinted at drastic cuts on top stake limits in gambling machines.

Playtech began 2018 with a lag in its gaming division revenue following a crackdown on gambling syndicates in Malaysia, one of its largest Asian markets.

However, the Milan-headquartered Snaitech, which has more than 1600 betting points in Italy, is also involved in sports and horse-race betting, online sports betting and casino games.

The mandatory takeover offer, if the initial acquisition completes, would be at the delisting of Snaitech from the Milan Stock Exchange, Playtech said.

 

Source: Reuters

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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