Flutter Entertainment adds Sisal to brand portfolio

Flutter Entertainment has completed its acquisition of Italian operator Sisal from CVC Capital Partners, adding another leading brand to its expansive portfolio.

The £1.62bn acquisition was announced in December and completed on Thursday (Aug. 4), giving Flutter a retail presence in Italy and expanding its share of the Italian online gaming market to around 20 per cent alongside its existing PokerStars and Betfair brands.

Sisal grew revenue from its online and retail betting, gaming and lottery operations by 58 per cent to £402m in the first half of this year, with the comparable period last year affected by covid-related restrictions in retail. EBITDA in H1 2022 amounted to £120m.

The acquisition completed using debt facilities agreed at transaction announcement, bringing Flutter's expected weighted average cost of debt to approximately 3.4 per cent for the second half of 2022.

Sisal joins Flutter’s portfolio of leading brands, which include FanDuel, Paddy Power, Sportsbet, Betfair, Sky Betting & Gaming, PokerStars and Tombola.

Shares in Flutter Entertainment plc. (LSE:FLTR) were trading 0.78 per cent higher at 8,761.88 pence per share in London Friday morning.