Flutter Entertainment announces completion of Snai acquisition
Flutter Entertainment has completed its acquisition of Snaitech (Snai), a leading Italian gaming operator, for €2.3 billion. This strategic move positions Flutter as a dominant player in Italy's regulated market, increasing its online market share to approximately 30%.
The acquisition, integrated into Flutter's Southern Europe & Africa division, aims to leverage Snai's strong retail presence and brand recognition in Italy's gaming sector. Flutter expects to achieve operating cost synergies of €70m within three years, plus €10m in capex synergies.
To fund the acquisition, Flutter secured a €2.5 billion senior secured first lien term loan facility, maturing April 29, 2026, with two 6-month extension options. The loan bears interest at EURIBOR plus 1.25% margin. The company plans to use this facility for acquisition costs, debt refinancing, and general corporate purposes.
Flutter Entertainment ha completato l'acquisizione di Snaitech (Snai), un importante operatore italiano nel settore del gioco, per 2,3 miliardi di euro. Questa mossa strategica posiziona Flutter come protagonista nel mercato regolamentato italiano, aumentando la sua quota di mercato online a circa il 30%.
L'acquisizione, integrata nella divisione Europa Meridionale e Africa di Flutter, punta a sfruttare la forte presenza retail e il riconoscimento del marchio Snai nel settore del gioco in Italia. Flutter prevede di ottenere sinergie operative per 70 milioni di euro entro tre anni, oltre a 10 milioni di euro in sinergie di investimenti.
Per finanziare l'acquisizione, Flutter ha ottenuto una linea di credito senior garantita da 2,5 miliardi di euro con scadenza il 29 aprile 2026, con due opzioni di estensione di 6 mesi ciascuna. Il prestito prevede un interesse pari a EURIBOR più uno spread dell'1,25%. L'azienda intende utilizzare questa linea per i costi dell'acquisizione, il rifinanziamento del debito e scopi societari generali.
Flutter Entertainment ha completado la adquisición de Snaitech (Snai), un operador líder en el sector del juego en Italia, por 2.300 millones de euros. Este movimiento estratégico posiciona a Flutter como un actor dominante en el mercado regulado italiano, aumentando su cuota de mercado online a aproximadamente el 30%.
La adquisición, integrada en la división de Europa del Sur y África de Flutter, tiene como objetivo aprovechar la fuerte presencia minorista y el reconocimiento de marca de Snai en el sector del juego en Italia. Flutter espera lograr sinergias operativas de 70 millones de euros en tres años, además de 10 millones en sinergias de inversión.
Para financiar la adquisición, Flutter aseguró una línea de préstamo senior garantizado a plazo de 2.500 millones de euros, con vencimiento el 29 de abril de 2026 y dos opciones de extensión de 6 meses cada una. El préstamo tiene un interés basado en EURIBOR más un margen del 1,25%. La empresa planea utilizar esta línea para los costos de adquisición, refinanciamiento de deuda y propósitos corporativos generales.
Flutter Entertainment는 이탈리아의 주요 게임 운영사인 Snaitech(Snai)를 23억 유로에 인수하는 작업을 완료했습니다. 이번 전략적 움직임으로 Flutter는 이탈리아 규제 시장에서 지배적인 위치를 확보하며 온라인 시장 점유율을 약 30%로 끌어올렸습니다.
이번 인수는 Flutter의 남유럽 및 아프리카 부문에 통합되었으며, Snai의 강력한 소매점 네트워크와 브랜드 인지도를 활용하는 것을 목표로 합니다. Flutter는 3년 내에 7천만 유로의 운영 비용 시너지와 1천만 유로의 자본 지출 시너지를 기대하고 있습니다.
인수 자금 조달을 위해 Flutter는 2026년 4월 29일 만기인 25억 유로 규모의 선순위 담보 대출을 확보했으며, 6개월 연장 옵션 2회가 포함되어 있습니다. 대출 이자는 EURIBOR에 1.25%의 마진이 더해진 금리입니다. 회사는 이 대출을 인수 비용, 부채 재융자 및 일반 기업 목적에 사용할 계획입니다.
Flutter Entertainment a finalisé l'acquisition de Snaitech (Snai), un acteur majeur du secteur des jeux en Italie, pour 2,3 milliards d'euros. Cette opération stratégique positionne Flutter comme un acteur dominant sur le marché réglementé italien, augmentant sa part de marché en ligne à environ 30 %.
Cette acquisition, intégrée à la division Europe du Sud & Afrique de Flutter, vise à tirer parti de la forte présence en points de vente et de la notoriété de la marque Snai dans le secteur des jeux en Italie. Flutter prévoit de réaliser des synergies opérationnelles de 70 millions d'euros dans les trois ans, ainsi que 10 millions d'euros de synergies liées aux investissements.
Pour financer cette acquisition, Flutter a obtenu une facilité de prêt senior garanti de 2,5 milliards d'euros, échéant le 29 avril 2026, avec deux options de prolongation de 6 mois chacune. Le prêt porte un intérêt basé sur l'EURIBOR plus une marge de 1,25 %. L'entreprise prévoit d'utiliser cette facilité pour les coûts d'acquisition, le refinancement de la dette et des besoins généraux d'entreprise.
Flutter Entertainment hat die Übernahme von Snaitech (Snai), einem führenden italienischen Glücksspielanbieter, für 2,3 Milliarden Euro abgeschlossen. Dieser strategische Schritt positioniert Flutter als dominanten Akteur auf dem regulierten italienischen Markt und erhöht den Online-Marktanteil auf etwa 30 %.
Die Übernahme, die in die Division Südeuropa & Afrika von Flutter integriert wird, zielt darauf ab, die starke Einzelhandelspräsenz und Markenbekanntheit von Snai im italienischen Glücksspielsektor zu nutzen. Flutter erwartet innerhalb von drei Jahren operative Kostensynergien von 70 Mio. Euro sowie 10 Mio. Euro an Investitionssynergien.
Zur Finanzierung der Übernahme sicherte sich Flutter eine vorrangige besicherte Terminkreditfazilität über 2,5 Milliarden Euro mit Fälligkeit am 29. April 2026 und zwei Verlängerungsoptionen von jeweils sechs Monaten. Der Kredit verzinst sich mit EURIBOR plus 1,25 % Marge. Das Unternehmen plant, diese Fazilität für Akquisitionskosten, Schuldenrefinanzierung und allgemeine Unternehmenszwecke zu verwenden.
- €2.3B acquisition of Snai creates 30% online market share in Italy, Europe's largest regulated market
- Expected cost synergies of €70M within 3 years and €10M in capex synergies
- Acquisition adds strong omnichannel presence and recognized brand in Italian market
- Strategic retail presence advantage in market with advertising restrictions
- Access to Flutter's technology and products expected to drive growth opportunities
- Leverage ratio expected to increase due to €2.5B bridge loan facility
- Integration costs estimated at 1.25x of synergy benefits
- Additional debt burden with EURIBOR plus 1.25% interest rate, subject to step-ups
- Short-term bridge loan maturity (April 2026) with two 6-month extension options
NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment (NYSE: FLUT; LSE: FLTR) (“Flutter”) the world’s leading online sports betting and iGaming operator today announces that it has completed the acquisition of Snaitech S.p.A. (“Snai”), one of Italy’s leading omni-channel operators from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of
The acquisition of Snai, which will be positioned within the Southern Europe & Africa region of our International division, aligns with Flutter’s strategy to invest in leadership positions in attractive international markets, and we believe will create shareholder value through:
- Adding an enhanced position in Italy, Europe’s largest regulated market which has significant online growth potential due to comparatively low online penetration rates. Advertising restrictions also increase the strategic importance of Snai’s strong and complimentary retail presence. Adding Snai to the Flutter portfolio will increase Flutter’s online market share in Italy to approximately
30% 2 - Enhancing Flutter’s “local hero” brand portfolio. Snai has a strong base of highly engaged omnichannel customers along with one of the most recognizable brands which is expected to expand and diversify customer acquisition opportunities for Flutter in Italy
- Delivering meaningful value creation, through access to the Flutter Edge, with target operating cost synergies of at least
€70m , to be achieved within three years of closing at a cost of 1.25x and capex synergies at€10m . Revenue synergies are expected to be achieved by leveraging Flutter Edge capabilities across pricing and risk management, in-house iGaming content and other Flutter technology to enhance the experience offered to Snai’s customers
Peter Jackson, CEO, commented:
“I am delighted to welcome Snai, one of the leading gaming brands in Italy, to the Group. Snai’s significant omnichannel presence brings strategically important assets to enhance Flutter’s position in Italy. The transaction fits perfectly with our strategy for value creating M&A and is expected to bring about significant growth opportunities for Snai by providing access to Flutter’s market leading products and capabilities. It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination.”
The transaction has been completed using the debt facilities set out below. We expect leverage to increase but then reduce given the highly visible profitable growth opportunities that exist across the Group and we remain committed to our medium-term leverage ratio of 2.0-2.5x.
Flutter will provide a further update, including financial guidance, as part of is first quarter results on May 7, 2025.
Bridge Credit Agreement
As previously disclosed the Company entered into an amended and restated commitment letter with certain banks (the “Commitment Parties”) to obtain binding commitments in respect of a senior secured first lien term loan comprising an aggregate Euro principal of
On April 29, 2025, the Company and certain of its subsidiaries converted the binding commitments into a definitive bridge credit agreement (the “Bridge Credit Agreement ”) with the Commitment Parties to draw down the Facility in full.
The Company plans to use the Facility to:
- finance or refinance amounts payable in connection with the acquisition
- finance or refinance certain indebtedness as the Company may elect
- pay fees and/or expenses in connection with the foregoing
- finance general corporate purposes and working capital of the group
The Facility will:
- mature April 29, 2026, with two additional 6 month extension options
- bear interest at a per annum rate equal to EURIBOR plus an applicable margin equal to
1.25% , which is subject to certain step-ups over the term of the Facility
The other terms of the Bridge Credit Agreement are substantially similar to the terms of the Term Loan A, Term Loan B and Revolving Credit Facility Agreement dated November 24, 2023 (and as amended from time to time) entered into between, amongst others, the Company and J.P. Morgan SE as Administrative Agent.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. In some cases, you can identify these forward-looking statements by the use of words such as “outlook”, “believe(s)”, ”expect(s)”, “potential”, “continue(s)”, “may”, “will”, “should”, “could”, “would”, “seek(s)”, “predict(s)”, “intend(s)”, “trends”, “plan(s)”, “estimate(s)”, “anticipates”, “projection”, “goal”, “target”, “aspire”, “will likely result”, and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties and there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The ability to predict results or actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results may differ materially from those expressed in, or implied by, the forward-looking statements. In addition, the ability to achieve estimated cost synergies in the timeframe described in this press release, or at all, is subject to various assumptions, which involve risks and uncertainties. In addition, we may incur additional or unexpected costs to realize these cost synergies. The ability to predict results or actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results may differ materially from those expressed in, or implied by, the forward-looking statements.
Factors that could cause Flutter’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of Flutter’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission (the “SEC”) and other periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Flutter undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Flutter Entertainment plc
Flutter is the world’s leading online sports betting and iGaming operator, with leading positions in markets across the world, including the US. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and Adjarabet.
To learn more about Flutter, please visit our website at www.flutter.com.
Contacts:
| Investor Relations: | Media Relations: |
| Paul Tymms, Investor Relations | Kate Delahunty, Corporate Communications |
| Ciara O'Mullane, Investor Relations | Lindsay Dunford, Corporate Communications |
| Chris Hancox, Investor Relations | Rob Allen, Corporate Communications |
| Email: investor.relations@flutter.com | Email: corporatecomms@flutter.com |
Notes:
- On a cash-free and debt-free basis
- Italian market and market share data based on regulator GGR data from Agenzia delle dogane e dei Monopoli (“ADM”)
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