- Flutter Entertainment completes the €2.3 billion acquisition of Snaitech, boosting its online market share in Italy to 30%.
- Expected cost synergies of €70 million within three years, along with €10 million in capex synergies.
- The acquisition funded through a €2.5 billion loan facility, maturing in April 2026 with interest at EURIBOR plus 1.25%.
Flutter Entertainment (FLUT, Financial), the world's leading online sports betting and iGaming operator, has finalized its acquisition of Snaitech S.p.A. ("Snai"), a major omni-channel gaming operator in Italy, for €2.3 billion. This strategic acquisition increases Flutter's online market share in Italy's regulated market to approximately 30%, solidifying its presence in Europe's largest regulated gaming market.
The integration of Snai is expected to deliver significant value creation by leveraging Flutter's advanced technology and market-leading products, offering enhanced customer experiences. The acquisition is projected to achieve operating cost synergies of €70 million within three years, along with additional capex synergies of €10 million.
To finance the acquisition, Flutter secured a €2.5 billion senior secured first lien term loan facility, set to mature on April 29, 2026. The loan bears interest at EURIBOR plus a margin of 1.25%, with two optional six-month extensions available. Flutter plans to utilize this facility for acquisition costs, debt refinancing, and general corporate purposes.
Peter Jackson, CEO of Flutter, expressed enthusiasm about the acquisition, stating that Snai's strong omnichannel presence brings strategically important assets to enhance Flutter's position in Italy, aligning well with its strategy for value-creating mergers and acquisitions.
Flutter plans to provide further financial guidance on the Snai acquisition in its first quarter results announcement scheduled for May 7, 2025.
