The Board of Playtech plc has announced its reached an agreement with certain shareholders of Snaitech S.p.A to acquire approximately 70.6 per cent of the issued share capital of Snaitech.
Upon completion of the initial acquisition, Playtech will be required to make a mandatory takeover offer for all the remaining shares in takeover offer.
Completion of the Initial Acquisition is subject to certain regulatory and shareholder approvals and is expected to occur in Q3 2018, with the overall transaction expected to complete in Q4 2018.
Playtech said they aim to create “a leading vertically integrated retail and online Italian gaming business that will control its own technology across all products and verticals from land-based to online”.
The company said the key strengths and competitive advantages of Snaitech were “Its leading market position in retail betting” and its strong online position in Italy.