Playtech has confirmed it is in negotiations with Flutter over the sale of its Snaitech business.
On Wednesday morning (14 August), Sky News reported Flutter was in talks to buy Playtech’s Italian business in a deal worth approximately £2bn (€2.3bn/$2.6bn).
Playtech said Flutter was carrying out due diligence on the business as a period of exclusivity was granted to finalise the required transaction documentation.
Playtech was rumoured to be looking into a sale of Snaitech back in 2022, but when its revenue tripled in H1 of that year the supplier halted plans to sell it off.
Snaitech has continued to perform well, leading in Italy by market share. It achieved revenue of €946.6m in FY2023, a 5.2% year-on-year increase.
Flutter acquired Italian online gaming and lottery operator Sisal in August 2022 for €1.9bn.
Later on Wednesday, Flutter issued a response stating it was indeed in talks to acquire Snaitech. It also echoed Playtech’s earlier statement that there was no guarantee the acquisition would proceed.
More details will follow