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Online gaming and financial trading company Playtech PLC announced the acquisition of Italian gambling operator Snaitech SpA for € 291 million. The previously announced price was € 846 million.
Snaitech is listed on the Milan Stock Exchange and is licensed by the Italian Monopolies Authority to offer various different gaming services and products, making it a leader in the Italian gaming and betting market
The gambling regulator Agenzia delle Dogane e dei Monopoli approved the decision to purchase 70.6% of Snaitech’s shares. The remaining stake is likely to be bought out by the end of this year.
Analysts note that the deal between Playtech and Snaitech is taking place against the backdrop of the radical reforms of the British government regarding the gambling industry, including cutting the maximum FOBT rate to £2, as well as lower gambling profits due to repressive measures against gambling syndicates by the Malaysian government.
