Playtech has received a further green light in its €846 million (£741 million) purchase of Snaitech SpA, after the Italian financial market’s supervisory authority Consob, cleared the path for the mandatory takeover of the remaining shares not already owned by the group.
The gambling software development firm had previously announced an initial acquisition of 70.6 per cent of the Italian betting and gaming company in April of this year, with its stake growing to over 80 per cent following market purchases of a further approximately 10.3 per cent.
Regarding the executive structure of the new group, it was also announced that Mor Weizer, Chief Executive Officer of Playtech, and Andrew Smith, Chief Financial Officer of Playtech, have been appointed to the Board of Snaitech.
Detailing the next steps in the process, a Playtech statement revealed: “The acceptance period for the Mandatory Takeover Offer will start at 8:30 am (CEST) on 26 June 2018 and will end at 5:30 pm (CEST) on 23 July 2018. The consideration, equal to Euro 2.19 per share tendered in the Offer will be paid to the tendering shareholders on 30 July 2018.
“If certain conditions are met, the Acceptance Period will be reopened for a further five trading days starting from 31 July 2018, being the trading day following the Payment Date and ending on 6 August 2018.
“In the event of the Reopening of Terms, the payment of the Consideration for the shares that have been tendered during the Reopening of Terms period will take place on 13 August 2018.”
Discussing what the acquisition means for the growth of Playtech moving forward, upon the initial acquisition Weizer stated it represents a continuation of the group’s “strategy to invest in leading retail brands in fast growing, regulated markets”.
Adding: “The acquisition delivers the Board’s strategic objective to improve the quality and diversification of Group revenue, whilst delivering exposure to high growth end markets, by utilising the strength of Playtech’s balance sheet.”