Flutter Entertainment has secured terms for acquiring Italian online gaming operator Sisal in a £1.62 billion-worth deal.
The Irish gambling giant announced the news just before Christmas, rounding off another successful year.
Pursued Opportunity
"I am delighted to add Sisal, Italy's leading gaming brand, to the group as we look to attain a gold medal position in the Italian market," Peter Jackson, Flutter's chief executive said, commenting on the news.
"For some time, we have wanted to pursue this market opportunity via an omnichannel strategy, and this acquisition will ideally position us to do so," Jackson noted.
The acquisition worth £1.62 billion will be completed in the second quarter of 2022.
Back at home in Italy, Sisal has, over the past period, grown its online presence substantially, relying on its proprietary platform and commitment to innovation.
"I'm excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities. We look forward to welcoming Francesco and the rest of the Sisal team to Flutter in 2022," Jackson pointed out.
According to the terms of the deal, the acquisition is scheduled to be completed in the second quarter of 2022.
Leader in Italy
"Over the last five years [...] we have successfully transformed Sisal into a leading digital and international gaming company," noted Francesco Durante, Sisal's chief executive.
According to him, Sisal has achieved a leadership position in Italy thanks to "commitment to digital innovation, international expansion and safer gambling."
"We are delighted to join Flutter and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in. I look forward to working with Peter and the team on the next chapter of Sisal history," Durante explained.
In the 12 months through December 2021, the Milan-based operator expects to rake in £211m in earnings before tax and expenses, with as many as 58 per cent of the amount coming from its online offering.
The acquisition is conditional on merger control clearance as well as gaming and foreign investment approvals.
