Playtech wins regulatory approval for Snaitech deal
Playtech has been granted approval by Italian regulator Agenzia delle Dogane e dei Monopoli (ADM) to proceed with its planned acquisition of a majority stake in Snaitech.
In April, Playtech revealed that it had brokered a deal worth €846m ($992.8m) to purchase 70.6% of the issued share capital of Snaitech.
The agreement also includes a requirement for Playtech to make a mandatory takeover offer for all remaining shares in Snaitech once the initial transaction has gone through.
In a statement issued today (Monday), Playtech said that it has received “formal consent” from ADM to push ahead with the deal.
As a result, Playtech expects the initial purchase to go through next month, with the secondary acquisition to take place later in the year.
Related article: Playtech agrees €846m Snaitech deal