British betting group Flutter Entertainment on Tuesday said it had agreed to buy Italian peer Snaitech for 2.3 billion euros ($2.6 billion), expanding its global reach into online gambling.
Flutter, whose brands in Britain and Ireland include Paddy Power and Skybet, said in a statement that the deal would give it an online market share of about 30 percent in Italy, Europe’s largest gambling market.
Flutter recently moved its primary listing to Wall Street as it bets on sizeable growth from US sports betting and iGaming.
Snaitech, which trades as Snai, is owned by UK-listed Playtech, a gambling technology business.
“This transaction is compelling strategically and financially,” Flutter chief executive Peter Jackson said of the deal expected to close next year.
It “creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market-leading products and capabilities both in the US and globally”, he added in a statement.
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