Playtech PLC on Thursday announced that a company it planned to buy will be bought by a rival.
The Isle of Man-based gambling software development company said Lottomatica Group Spa said its subsidiary GBO Spa signed an agreement to fully buy SKS365 Malta Holdings Ltd.
Rome-based Lottomatica calls itself the first Italian operator in the legal gaming market authorised by the Customs & Monopoly Agency.
Lottomatica said the enterprise value of SKS365 was €639 million, with the purchase price at closing equal to €625 million. It expects synergies of €65 million to be fully deployed by 2026. The company anticipates the acquisition, which it partially funded via a €500 million bridge debt facility, to close in the first half of 2024.
In September, Playtech had said that it was participating in a process to potentially buy SKS365 Malta and that it was aware of other parties participating.
‘The group will continue to take a prudent and rational approach to evaluating selected acquisition opportunities in-line with its strategy to ensure appropriate exposure to attractive segments, both regionally and within product verticals,’ Playtech said.
Playtech shares rose 3.4% to 414.20 pence each on Thursday morning in London, while Lottomatica shares were 3.7% higher at €9.38 each in Milan.
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