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London-listed gaming solutions provider Playtech will soon announce the redemption of the remaining 19% stake in Snaitech, thereby completely completing the acquisition for £741 million.
In April 2018 Playtech acquired a 70.6% stake in Snaitech, and then acquired another 10.3% of the company. For Playtech, the Italian deal comes in the backdrop of sweeping regulatory changes at its UK home market, where lawmakers have hinted at drastic cuts on top stake limits in gambling machines.
In 2017, Snaitech generated revenue and EBITDA of €890 million and €136 million respectively. Acquisition will help Playtech strengthen its presence in Italy, where the online games market is still not developed enough. This takeover is also a continuation of the group’s strategy to invest in leading retail brands in fast-growing regulated markets.
