People walk by a banner outside of the New York Stock Exchange for the initial public offering of Flutter Entertainment, the parent company of FanDuel, on Jan. 29, 2024.
Spencer Platt | Getty Images
British gambling technology firm Playtech has agreed to sell its Italian unit Snaitech for 2.3 billion euros ($2.56 billion), including debt, to the world’s largest betting company Flutter Entertainment, the companies said on Tuesday.
Flutter – the owner of FanDuel and Paddy Power – said the deal, which is expected to close by the second quarter of 2025, will add to its earnings per share immediately.
The deal will see one of Italy’s largest gambling companies change hands, leaving Playtech to continue its operations as a business-to-business software provider.
The two parties have been in talks regarding Snaitech since August.
