Multi-Million Purchase: Playtech Acquires Italian Snaitech

Staff Writer Industry News, Playtech 1,324

Playtech, the world’s largest supplier of online gaming and sports betting software, has recently announced that it has signed a deal to purchase the Italian gaming company Snaitech for €846m. It has done so by purchasing of Global Games and OI Games 70.6% shareholdings.

The Isle of Man based firm is demanded to make an obligatory takeover offer for all the rest of the shares following the initial procurement of shares. This is expected to be completed in Q3 2018 and is entirely subject to the initial purchase being approved by shareholders and regulators. The total price amounts to €2.19 per share in cash.

Snaitech’s Place in the Gaming World

The company established in 1999 would prefer to take advantage of Snaitech’s position as the leader of gaming and betting machine networks in Italy, as it comprises more than 10,000 video lottery terminals (VLT) and 54,000 Amusement with prize machines (AWP).

Italy is the fastest growing gaming market in Europe, and Snaitech is to Italy what Italy is to Europe – with the generated revenue of €890m, net profit of €27m and an EBITDA totalling €136m, Snaitech is more than well-positioned.

The results mentioned were achieved in a regulated market which has a 7% online market share, compared to the UK’s 41%. Playtech sees great potential and has high hopes for the Italian market, and predicts future growth there, with the help of Snaitech.

What the Giants Have to Say

Mor Weizer, Chief Executive Officer of Playtech, has commented, “The acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands, in fast growing regulated markets. The acquisition delivers the Board’s strategic objective to improve the quality and diversification of group revenue, whilst delivering exposure to high growth end markets, by utilising the strength of Playtech’s balance sheet.”

Fabio Schiavolin, Chief Executive Officer of Snaitech, has added, “The combination of Playtech’s technology and experience in Italy with Snaitech’s powerful brand mean we will be better able to capture the online opportunity in the fast growing and dynamic Italian market.  We are pleased to be joining the Playtech team and look to the future with confidence and excitement.”

ABOUT THE BEST CASINOS TEAM

Best Casinos team consists of online casino experts dedicated to spreading their knowledge and experience to a wider audience, all in effort to help even the most inexperienced players gain their footing in this exciting industry.

LEAVE A COMMENT