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Takeover talks: Playtech shares rose 13.8% on revelations that Paddy Power owner Flutter has made an offer for Betnacional
Paddy Power owner Flutter is in talks to buy Playtech’s Italian division.
A £2bn deal for Snaitech would add to Flutter’s sprawling empire.
The update came on the same day that it emerged that Flutter had made a formal offer for Betnacional, Brazil’s fifth-largest gambling operator.
Both acquisitions would mark the latest stage of Flutter’s corporate restructuring under CEO Peter Jackson.
The Irish group moved its main listing from London to New York in May after declaring the United States its “natural home.”
Its US business Fanduel continues to dominate the sports betting market.
Playtech has been the subject of several takeover talks. In 2022, Australian rival Aristocrat was eyeing a deal, as was Evoke, formerly 888, in 2023.
Playtech develops and licenses software for online gaming and has enjoyed growth in the US.
Snaitech is a leader in Italy, where Flutter made its mark by buying Italian lottery operator Sisal for £1.6bn two years ago.
Flutter revealed on Tuesday that group revenue hit £2.8 billion in the three months to the end of June.
Profits more than doubled to £231m.
Playtech shares rose 13.8 percent, or 74 pence, to 612 pence.
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