Playtech Acquires Remaining 19% Of Snaitech In Italy

The acquisition of Snaitech in Italy will be complete by the end of Q4, according to Playtech’s PR representative, as financial markets regulator has given the company green light to obtain the remaining 19% stake. The takeover includes a transaction in the amount of a whopping £741 million or $986 million, which is almost the same value of the retailer’s betting revenues in 2017, reaching as much as £780m plus earnings at £119m! Thanks to the impeccable financial results, the buying company has decided to keep the management team after the acquisition.

Earlier in April, Playtech bought 70.6% of the company, only to acquire an additional 10.3% in May. The entire purchase will most likely come to a close in December, when full transaction is expected. By obtaining the market leader in retail betting, the Estonia-based provider will strengthen its presence within a growing online sector. Operators from the United States will also benefit from the purchase, as potential fueling of Playtech’s platform with sports books and related products is mighty possible after the decision of the Supreme Court to lift ban on PASPA.

The company has recently increased its CEO’s yearly pay, despite a profit warning. Mor Weizer’s current salary has been boosted by 78%, jumping from £2.3 million to £4.2, to be precise. The board of Snaitech has also welcomed chief financial officer, Andrew Smith. Weizer said that the group’s strategy is to invest in strong brands, especially in regulated markets with fast-growing potentials, such as Italy.

At this moment, Playtech has more than 5,000 employees in 13 different countries and it is listed on the London Stock Exchange. The group owns more than 130 licensees on a global level and provides software services to retail and mobile operators, including lotteries. Their portfolio extends from casino offerings of all types but live casino, table games, bingo, slots and sports betting make up the core of the company’s profits and providing such products in new markets will surely position the supplier among top five in the country.