In Italy, omni-channel gaming software and services innovator Playtech has reportedly received official approval from the nation’s Amministrazione Autonoma dei Monopoli di Stato (AAMS) regulator to purchase a majority stake in prominent local online and retail operator Snaitech SpA.
According to a Monday report from the Reuters news service, Playtech agreed a deal early last month that will see it hand over approximately $359.2 million in cash in exchange for a 70.6% stake in Milan-based Snaitech SpA, which was formed in 2015 via the amalgamation of rivals Snai SpA and the Cogemat SpA.
Reuters reported that the success of the agreement had been conditional upon the receipt of local approval with the London-listed firm now expected to complete the takeover sometime in June after which it will be required to make an offer for the remaining 29.4% stake in Snaitech SpA.
In addition to the online gambling domain at Snai.it, Snaitech SpA is responsible for the SportNews.Snai.it sports information website and a trio of horseracing tracks while its nationwide retail network encompasses some 1,600 points of sale as well as around 60,000 slots and about 10,000 video lottery machines.
“The acquisition of Snaitech SpA represents the continuation of our strategy to invest in leading retail brands in fast-growing and regulated markets,” Mor Weizer, Chief Executive Officer for Playtech, reportedly told the Financial Times newspaper in April. “Playtech has always been at the forefront of its industry and the acquisition offers the opportunity to create a vertically-integrated business-to-business-to-consumer operator in Europe’s largest gambling market, delivering significant value to shareholders.”