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Internet betting software developer Playtech has announced that they've purchased a majority stake in Italian group Snaitech, with the eventual goal of facilitating a full takeover of the group.
The purchase agreement will see Playtech purchasing Snaitech for €846 million, which will be paid with by both financing and cash payments. The deal would give Playtech control of 70.6% of the company, with the option to make a purchase offer on the remaining shares when the deal is finalized. The purchase gives Playtech an edge in the burgeoning Italian market.
Commenting on the deal Playtech CEO Mor Weizer said, "The acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands in fast growing, regulated markets.
"The acquisition delivers the board's strategic objective to improve the quality and diversification of group revenue, whilst delivering exposure to high growth end markets, by utilising the strength of Playtech's balance sheet.
"Playtech has always been at the forefront of its industry and the acquisition offers the opportunity to create a vertically integrated B2B2C operator in Europe's largest gambling market, delivering significant value to shareholders."
Snaitech CEO Fabio Schiavolin also commented, noting: "This acquisition reflects Snaitech's position as one of the leading and best known brands in Italy and delivers meaningful value to our shareholders.
"The combination of Playtech's technology and experience in Italy with Snaitech's powerful brand mean we will be better able to capture the online opportunity in the fast growing and dynamic Italian market."
The deal is subject to regulatory approval, with the purchase expected to be completed in the fourth quarter of this year.