Italian betting and gaming operator Snaitech is delisting from the Italian bourse as London-listed gaming supplier and operator Playtech Plc. gains full control over the company.
In a regulatory filing, Playtech announced Thursday that it will be acquiring the remaining 3.5 percent minority shareholding of Snaitech through its wholly-owned Italian subsidiary Pluto (Italia) SPA. Minority shareholders will get cash consideration equal to €2.19 per share as previously noted in Playtech’s Mandatory Takeover Offer.
Trading of Snaitech shares is expected to be suspended for two days starting August 1 as a result of Playtech’s squeeze-out. Playtech plans to delist Snaitech from Mercato Telematico Azionario, organised and managed by Borsa Italiana, on August 3.
Snaitech is licensed by the Italian Monopolies Authority to offer gaming services and products, including sport and horse racing betting; virtual sports; video lottery; online and mobile poker, skill games, casino games, bingo; esports; and pari-mutuel betting.
The SNAI retail betting network has more than 1,600 points of sale throughout Italy. The group also operates 60,000 ‘New Slot’ machines as well as more than 10,000 video lottery terminals.
For Playtech, acquiring Snaitech provides an opportunity to diversify the company’s revenue, while delivering exposure to high growth end markets by utilizing the strength of Playtech’s balance sheet.
Just recently, Playtech named Snaitech’s new board of directors, appointing Playtech chief executive Mor Weizer as the new Snaitech chairman while Fabio Schiavolin retained his position as the company’s managing director.
Playtech chief financial officer Andrew Smith will join the Snaitech board as a director while Snaitech’s Andrea Nappa, Raffaella Viscardi, Chiara Palmeri and Mara Vanzetta were appointed as independent directors.
Snaitech also announced the expansion of its business footprint outside Italy for the first time.
iGaming Business reported that Snaitech is set to launch its B2B offering Smart Solution Technology in Spain after securing a license to offer products to licensed operators in the country.
The B2B platform will give Snaitech clients in Spain wide choices of sports betting products, including horseracing and virtual sports, through an omni-channel solution comprising betting terminals, payment processing services, as well as online and mobile apps, according to Shiavolin.
The company tapped Apuestas de España to launch Apuestas by Snai.