UK-based gambling software company Playtech and Flutter Entertainment have confirmed they are currently in negotiations over the sale of Playtech's Italian consumer arm, Snaitech. A formal agreement may be reached by next month, though both parties have acknowledged there is no guarantee the deal will go ahead.
The rumors about Playtech potentially auctioning off Snaitech first circulated in 2022, four years after Playtech acquired its 70.6% majority share for $995.5 million. The company later acquired a further 9% through various market purchases. Australian content creation company Aristocrat Entertainment attempted to offer a takeover bid, but it was rejected by Playtech’s shareholders. A year later, Playtech reportedly approached 888 about a potential combination, but this fell through.
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