Industry News

Snaitech delists from stock exchange following acquisition by Playtech

Published

7 years ago

July 31, 2018

Niji Narayan

Photo source: maxbet.ro

Reading Time: < 1 minute

Snaitech, the Italian gambling company acquired by Playtech in April, is delisting from the Italian stock exchange. Playtech is an UK-listed online gambling company and it completed the acquisition formalities by June.

Playtech now holds 96.5 per cent of Snaitech’s shares and is initiating the transfer of the remaining minority shares, which will see shareholders receive cash consideration equal to 2.19 euros per share. Playtech shelled out $1.05 billion for a 70.6 per cent stake in the Italian company in April, and its mandatory takeover offer was approved by the Italian regulator in June.

Snaitech’s shares are expected to be suspended from trading on Mercato Telematico Azionario on Wednesday and Thursday, and to be delisted on Friday, Playtech said.

Source: calcalistech.com

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.