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Flutter gets green light for €2.3bn Snai deal
(Sharecast News) - Sports betting and gaming giant Flutter Entertainment has secured regulatory clearance for its €2.3bn acquisition of Italy's Snaitech. In a brief statement released after the London market had closed on Wednesday, Flutter confirmed it had received "all necessary antitrust, gaming and regulatory confirmations" needed to buy Snai.
The deal is now on track to complete by the end of April.
"The acquisition of Snai full aligns with Flutter's strategy to invest in leadership positions in attractive international markets," it said.
"Adding Snai to the Flutter portfolio will consolidate Flutter's leadership position in Italy and create a position of increased scale to capitalise on the growth opportunity in Europe's largest regulated market."
Flutter - the owner of Paddy Power, FanDuel, BetFair and PokerStars, among others - first announced it would buy the Italian business from a subsidiary of Playtech in September.
Part of an aggressive international expansion plan, at the time Flutter said the deal would add to earnings per share immediately.
It also flagged growth opportunities in Italy, noting that just 21% of gross gaming revenue is currently bet online. The compares to around 60% in more established markets such as the UK or Australia.
Flutter, which has its registered head office in Dublin, switched its primary listing to New York last year.
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