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British gambling technology company Playtech announced today plans to buy 71 per cent stake in Italian betting and gaming firm, Snaitech, for €846m (£737.3m), according to reports.
Playtech would be required to make a mandatory takeover offer for the remaining stake in Snaitech on completion of the 70.6 per cent stake purchase, it said today, The stake buy, agreed with certain shareholders in the Italian company, would mean 78 per cent of revenue for the enlarged group would come from regulated markets.
For Playtech, the deal comes in the backdrop of sweeping regulatory changes at its UK home market, where lawmakers have hinted at drastic cuts on top stake limits in gambling machines.
“The acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands in fast growing, regulated markets,” said Mor Weizer, chief executive of Playtech.
Snaitech is fully regulated in the markets in which it operates, Playtech added.