Core Insights - Flutter Entertainment is acquiring Snaitech, a major online gambling company in Italy, for 2.3 billion euros ($2.56 billion) [1][3][4] - The acquisition will enhance Flutter's presence in Italy, which is Europe's largest gambling market with a gross revenue of 21 billion euros in 2023 [3] - The deal is expected to close in the second quarter of next year and will provide Flutter with an estimated 30% share of Italy's online gaming market [3][4] Strategic and Financial Implications - Flutter's CEO described the acquisition as strategically and financially compelling, aligning with the company's value-creating M&A strategy [4] - The acquisition is anticipated to accelerate Snaitech's growth by leveraging Flutter's market-leading products and capabilities [4] - Following the deal, Snaitech's parent company, Playtech, plans to return 1.7 billion to 1.8 billion euros to shareholders through a special dividend [4] Market Performance - Flutter's shares have increased by 25% this year, reflecting positive market sentiment following the announcement of the acquisition [5]
FanDuel Parent Flutter Expands Footprint With Acquisition of Italy's Snaitech