Flutter Entertainment the world’s leading online sports betting and iGaming operator today announces that it has completed the acquisition of Snaitech one of Italy’s leading omni-channel operators from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of €2.3b.

Peter Jackson, CEO, commented: “I am delighted to welcome Snai, one of the leading gaming brands in Italy, to the Group. Snai’s significant omnichannel presence brings strategically important assets to enhance Flutter’s position in Italy.

The transaction fits perfectly with our strategy for value creating M&A and is expected to bring about significant growth opportunities for Snai by providing access to Flutter’s market leading products and capabilities. It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination.”

The transaction has been completed using the debt facilities set out below. We expect leverage to increase but then reduce given the highly visible profitable growth opportunities that exist across the Group and we remain committed to our medium-term leverage ratio of 2.0-2.5x.