Flutter closes Snai acquisition, Playtech launches €1.8bn return

Flutter Entertainment has completed its €2.3bn acquisition of Snaitech from Playtech.

The move significantly strengthens Flutter’s presence in Italy and aligns with the company’s ongoing strategy to expand leadership in high-growth international markets.

The deal,  first announced in September 2024, sees Snai — one of Italy’s top omni-channel betting operators — join Flutter’s Southern Europe & Africa division.

With this acquisition, Flutter’s online market share in Italy will rise to approximately 30%.

Flutter said Italy’s advertising restrictions also increase the strategic importance of Snai’s strong and complimentary retail presence. 

Expected synergies

“The transaction fits perfectly with our strategy for value-creating M&A and is expected to bring about significant growth opportunities for Snai by providing access to Flutter’s market-leading products and capabilities,” said Flutter CEO Peter Jackson.

“It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination.”

Flutter expects the acquisition to deliver meaningful synergies, targeting at least €70m in operating cost savings over the next three years, plus €10m in capex synergies.

Additional value is expected through revenue gains driven by Flutter’s proprietary pricing, risk management, and iGaming technology—collectively known as the “Flutter Edge.”

The transaction has been funded through a €2.5bn bridge credit facility secured via a newly executed agreement with several banking partners, including JP Morgan.

While leverage will temporarily increase, Flutter reiterated its commitment to maintaining a medium-term leverage ratio of 2.0–2.5x, citing strong anticipated profit growth.

Playtech to return €1.8bn to shareholders

Following the completion of the Snai sale, Playtech has announced a special dividend of €5.73 per ordinary share to its shareholders.

This payout represents a total return of approximately €1.8bn to shareholders.

The dividend will be paid on 12 June to shareholders on record as of 9 May.

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