(Alliance News) - 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 EUR639 million, with the purchase price at closing equal to EUR625 million. It expects synergies of EUR65 million to be fully deployed by 2026. The company anticipates the acquisition, which it partially funded via a EUR500 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 EUR9.38 each in Milan.
By Tom Budszus, Alliance News reporter
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Playtech (PTEC)