Playtech in talks to sell Snaitech to Flutter Entertainment

Shares in Playtech gained over 20 per cent this morning after the company confirmed that it is in discussions with Flutter Entertainment regarding the sale of its consumer facing business.

Playtech said Wednesday that it is in discussions regarding the potential sale of its Snaitech business for a value that could be in the region of £2 billion.

As part of the discussions, Playtech has granted Flutter a period of exclusivity in which to complete its due diligence, although there can be no certainty that any transaction will result from the discussions.

The Italian consumer-facing Snaitech business generated revenue of €946.6 million in 2023, a rise of 5 per cent year-on-year.

Shares in Playtech plc. (LSE:PTEC) gained 21.33 per cent on the news to 652.76 pence per share in London Wednesday morning.