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Italian gaming regulator approves Playtech's Snaitech deal
FTSE 250 gambling software group Playtech said on Monday that its acquisition of 71% of Italian gaming company Snaitech has been approved by the Italian gaming regulator.
The company had originally said that it expected the initial share purchase to take place in the third quarter, pending regulatory and shareholder approval. However, the shareholder vote is now due on 29 May, with completion of the initial acquisition expected in June.
Playtech, which announced the 846m deal back in April, will be required to make a mandatory takeover offer for all of Snaitech's remaining shares on completion of the stake sale.
Chief executive Mor Weizer said in April: "The acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands in fast growing, regulated markets."