In Italy, omni-channel gaming software and solutions innovator Playtech has reportedly received official approval from the country’s Amministrazione Autonoma dei Monopoli di Stato (AAMS) regulator to purchase a vast majority stake in prominent neighborhood online and retail operator Snaitech SpA.
Based on a Monday report from the Reuters news service, Playtech agreed a deal early last month which will see it hand over approximately $359.2 million in cash in exchange for a 70.6% stake in Milan-based Snaitech SpA, that was made in 2015 via the amalgamation of competitions Snai SpA and the Cogemat SpA.
Reuters reported the success of this agreement was conditional upon the receipt of neighborhood approval with the London-listed firm now expected to finish the takeover sometime in June after which it’ll be required to create an offer for the rest 29.4% stake in Snaitech SpA.
Along with the internet gaming domain at Snai.it, Snaitech SpA is responsible for the SportNews.Snai.it sports information website along with a trio of horseracing tracks while its nationwide retail network encompasses some 1,600 points available as well as around 60,000 slots along with about 10,000 video lottery machines.
“The purchase of Snaitech SpA signifies 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 informed the Financial Times newspaper in April. “Playtech has always been in the forefront of its business and the purchase offers the chance to make a vertically-integrated business-to-business-to-consumer operator at Europe’s largest gambling market, bringing significant value to investors.