Playtech Gets Approval From Italian Regulator To Acquire Rival Snaitech
Playtech is one of the oldest and most popular casino game developers in the world. The company provides a wide range of casino games to leading online casinos in the world including Casino Las Vegas, Winner Casino and Casino.com who are all featured on Playcasino.co.za.
Snaitech Agrees To Acquisition
Playtech surprised a lot of people in the industry when rumors circulated that it was looking to acquire its competitor Snaitech. The Italian based company had a strong position in the retail betting market and controls a significant portion of Italy’s market share. Snaitech’s brought in approximately €890 million in revenue during 2017 and its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was pegged at €136 million.
The two competitors worked out an arrangement in March 2018 that Playtech would be able to complete the takeover as long as it acquired 100 percent of the company.
In April 2018, Playtech went ahead and acquired a 70.6 percent stake in the company and then moved forward with the acquisition of another 10.3 percent of market shares. Playtech was expected to pay a total of €846 million to Snaitech to complete the acquisition.
Italian Watchdog Gives Green Light
The deal was subject to regulatory approval from Italy’s financial watchdog Consob. The financial regulator went through the terms and conditions and gave the green light today. Snaitech will have an acceptance period running from June 26 to July 30 to agree to the terms of the deal.
Snaitech shareholders are expected to receive €2.19 per share on July 30. Playtech will look to continue with the experienced Snaitech management team and has said that the acquisition will be completed during the fourth quarter of this year. Playtech will expand its global market presence significantly with this acquisition and will put the company in a great position to tap into the lucrative Italian online gaming market.