Playtech eyes more acquisitions after Snaitech deal
Playtech said it is exploring further acquisition opportunities, a month after agreeing to buy a majority stake in Italian betting and gaming firm Snaitech.
Playtech, which makes software that powers thousands of fixed-odds betting terminals across the UK, said in April it agreed to buy a 70.6 percent stake in Snaitech for 291 million euros ($344.22 million) in cash, in a move to source most of its revenue from regulated markets.
The general meeting of Playtech shareholders to approve the acquisition is being held on May 29, and Playtech said it expects to complete the acquisition within the next few months.
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, the company pointed out in February.
Playtech added on Wednesday it is taking steps to “protect its position” in the region.
“Management is confident that achievements in 2017 and in 2018 to date have delivered a strong platform for further strategic and operational progress in 2018,” the company said.