Flutter Entertainment plc, a gaming giant with annual revenues of $14.05 billion, has completed the acquisition of Snaitech SpA. The company disclosed the information in a Form 8-K filed with the United States Securities and Exchange Commission, following previous announcements about the acquisition.
The deal was first announced by the Regulatory News Service in London. The acquisition is part of Flutter Entertainment’s growth strategy, which has seen revenues grow by 19.15% over the past 12 months, according to data from InvestingPro. Snaitech, an Italian gaming company, is expected to strengthen Flutter’s international portfolio.
New York-based Flutter Entertainment, formerly known as Stars Group Inc. and Amaya Inc., operates in the computer programming and data processing segment. The company has a market capitalization of $37.95 billion and operates with moderate debt levels as it seeks to expand its presence in the European gaming market.
Financial values were not disclosed
The report did not disclose financial figures or the potential impact of the acquisition on Flutter’s earnings. However, investors will be monitoring how the acquisition will affect the company’s performance and competitive position. According to InvestingPro, analysts expect continued growth in sales and net income this year.
This acquisition represents an important milestone for Flutter Entertainment as it continues to diversify its global operations and enhance its product portfolio.
The company’s shares, currently trading at $214.97, have shown strong performance over the past five years, although they trade at high earnings multiples. Its common shares, with a par value of €0.09, are traded on the New York Stock Exchange under the ticker FLUT.
Information about this corporate transaction is based on statements provided in Form 8-K filed by Flutter Entertainment plc.
Other recent Flutter news
In a recent statement, Flutter Entertainment said that board member Atif Rafiq will not seek re-election at the next Annual General Meeting due to other commitments. The company thanked Rafiq for his contributions, noting that there were no conflicts with its operations.
In addition, Flutter has disclosed its total voting rights to comply with UK regulatory requirements and maintain transparency with shareholders. The company has also applied for a block listing of its ordinary shares, a routine procedure to facilitate future issuances.
In the competitive online sports betting and gaming market, Barclays identified shifts in market share. Flutter’s FanDuel reported mixed results, with user share declining but gains in gross and net gaming revenue.
UBS analyst Ben Shelley maintained his buy rating on Flutter Entertainment, citing expected improvements in promotional efficiency and parlay penetration in the online sports betting sector. Shelley’s projections include a slight adjustment to user growth estimates, but an increase in net profit margin and iGaming growth.
