M&A News

London-listed gaming solutions provider Playtech has completed its acquisition of a majority stake in Italian betting and gaming operator Snaitech.

The company has acquired a 70.6 per cent stake in the business from Snaitech’s two largest private equity shareholders, as well as an additional 9 per cent stake through market purchases.

As a result, Playtech now holds almost 80 per cent of Snaitech's issued share capital in aggregate and will launch a mandatory takeover offer for the remaining shares in the next few weeks at a price of €2.19 per share.

Snaitech has appointed Goldman Sachs International and KPMG as independent advisors to assess the price of the mandatory takeover bid.

In related news, Snaitech confirmed that its remaining twelve directors have resigned this week from the company’s board.

This includes chairman Mara Caverni and managing director Fabio Schiavolin, alongside directors Roberto Ruozi, Chiara Palmieri, Nicola Iorio, Barbara Poggiali, Salvatore Catapano, Raffaella Viscardi, Nadia Buttignol, Paolo Scarlatti, Mauro Pisapia and Maurizio Leo.

Playtech chief executive Mor Weizer and chief financial officer Andrew Smith have been appointed as new directors of the company to replace Giorgio Drago and Roberto Maestroni, who announced their resignation at the end of May.

Shares in Playtech plc (LSE:PTEC) were trading up 2.10 per cent to 806.20 pence per share in London Wednesday morning.