Online gaming industry giant Playtech has agreed to purchase a large, majority stake in the well-known Italian betting and gaming company, Snaitech, with a vision of a full take over in the future.
The acquirement was agreed to by shareholders of Snaitech, and will set Playtech back a massive 845 million in Euros, which is to be covered in both new debt and cash.
The percentage stake that Playtech is said to acquire is at 70.6%, the overwhelming majority, and once the initial stake has been bought, a mandatory takeover offer will be put forth.
Playtech has since released an official statement, saying that they will create the first, “first vertically integrated gaming operator with material earnings accretion.
Playtech also expects to acquire regulatory and shareholder approval near or during the third quarter, and that the finalisation of the deal will take place in the fourth quarter.
Chief Executive of Playtech had this to weight in, “The acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands in fast growing, regulated markets.”
He went on further to say, “The acquisition delivers the board’s strategic objective to improve the quality and diversification of group revenue, whilst delivering exposure to high growth and markets, by utilising the strengths of Playtech’s balance sheets.
On Snaitech’s side, chief executive Fabio Shlavolin had this to say, “This acquisition reflects Snaitech’s position as one of the leading and best known brands in Italy and delivers meaningful value to shareholders.”
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