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Flutter Announces Acquisition of Snaitech

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Flutter Entertainment has announced that it has agreed to acquire Snaitech S.p.A. (Snai), one of Italy’s leading omni-channel operators, from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of €2.3b.

The acquisition fully aligns with Flutter’s strategy to invest in leadership positions in international markets. The transaction is expected to close by Q2 2025.

Snai is the number three online operator in the Italian market with a 9.9% share in 2023 and 291,000 average monthly players. Online revenue and Adjusted EBITDA have grown at a compound rate of 26% and 32% respectively, in the four fiscal years to 2023. This is supported by a strong retail presence with over 2000 sites driving a number two retail share position in both betting of 19% and gaming of 14%. Snai generated 100% regulated revenue of €947m (which is after the deduction of gaming duties) and Adjusted EBITDA of €256m in financial year 2023, of which 50% was generated online.

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On completion, Flutter will assume the gold medal position in Italy with a ~30% online share when combined with its existing Italian business, which will deliver efficiency benefits in a key market for the Group. This includes Sisal, which, grew AMPs, and revenue at a compound rate of 27% and 17% respectively between Q2 2022 and Q2 2024, resulting in 270bps online share gain. The transaction is expected to deliver operating cost synergies of at least €70m along with incremental revenue synergies. On a post-cost synergy basis, the transaction is at a similarly attractive multiple to the Sisal transaction. It is also comfortably above the internal returns criteria by year two.

The transaction is subject to merger control clearance and other customary regulatory clearances and is expected to close by Q2 2025.

The transaction is consistent with the company’s strategy and is another example of Flutter allocating capital to drive shareholder value creation. The company will provide a further update at the Investor Day on September 25.

Peter Jackson, CEO, commented: “I am delighted to announce the acquisition of Snai, one of the leading players in Italy, Europe’s largest regulated market. This transaction is compelling strategically and financially. It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market leading products and capabilities both in the US and globally.

“I look forward to welcoming the Snai team to the Flutter Group and working with them to maximize the growth opportunity for our combined businesses.”

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Aquisitions/Mergers

NOVOMATIC successfully completes sale of ADMIRAL Austria to Tipico and focuses on international growth markets

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Europe’s leading gaming technology group has successfully completed the sale of ADMIRAL Austria to Tipico. This transaction underscores NOVOMATIC’s long-term focus on global expansion and marks another important milestone in its international growth strategy. ADMIRAL Austria will remain an important technology partner under its new owner Tipico and will continue to rely on NOVOMATIC’s innovative technology solutions in the future.

Stefan Krenn, Executive Board Member of NOVOMATIC AG, emphasized: “The completion of this transaction marks an important step in our global expansion strategy with a clear focus on international growth markets. ADMIRAL has developed into an established market leader over the past decades, and we thank all ADMIRAL employees for their great commitment. We are pleased to have found a strong and reliable technology partner in Tipico, who will successfully continue the company’s operations in Austria.”

Axel Hefer, CEO of the Tipico Group, stated: “We are delighted about the successful completion of this transaction. ADMIRAL is a leading Austrian company with a strong legacy, and clear potential for future growth. Both companies are synonymous with state-of-the-art technology, innovative products and a high focus to player protection. Our future collaboration is very good news for our customers.”

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The closing of the transaction followed the receipt of all required regulatory approvals.

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Aquisitions/Mergers

DIA and Christchurch Casino Reach Settlement in Anti-Money Laundering Proceedings

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The New Zealand Department of Internal Affairs has reported that a settlement has been reached in the civil proceedings against Christchurch Casinos Limited for alleged breaches of its obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

As part of the settlement, Christchurch Casino has admitted all seven causes of action in DIA’s amended statement of claim and has agreed to join DIA in recommending that the High Court impose a penalty of $5.06m on Christchurch Casino.

Between May 2023 and September 2024, DIA conducted an investigation into Christchurch Casino’s AML/CFT compliance, and found that it had breached a number of its obligations under the Act.

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DIA found that Christchurch Casino had failed to establish, implement and maintain a compliant AML/CFT compliance programme, adequately monitor accounts, conduct compliant enhanced customer due diligence, terminate existing business relationships when required and keep records as required by the Act. These failures spanned between December 2018 and December 2023.

“This agreement is a significant and positive outcome. It’s encouraging to achieve our intended result without the time and expense of court proceedings” said Serge Sablyak, Director of AML/CFT Group.

“While the regulatory breaches were serious, we acknowledge Christchurch Casino’s decision to admit to the breaches and take responsibility for what were substantial failings.”

“We’re proud that our work has strengthened the integrity of New Zealand’s financial system and has helped build public confidence in the prevention of money laundering and terrorism financing.”

DIA and Christchurch Casino have recommended to the High Court that the matter now proceed to a penalty hearing for the Court to determine the appropriate penalty to be imposed on Christchurch Casino.

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Christchurch Casino is not alleged to have been directly involved in money laundering or the financing of terrorism.

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Donaco International Shareholders Approve Acquisition by On Nut Road Limited

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Donaco International Limited (DNA), an ASX-listed company focused on leisure, entertainment and associated technology, announced that its shareholders have voted in favour of the proposed acquisition of 100% of the company’s shares by On Nut Road Limited (ONR) via a scheme of arrangement. Donaco International operates casino businesses in Southeast Asia.

The resolution to approve the Scheme was passed with significant support, with 98.11% of votes cast by Donaco shareholders in favour. Additionally, 77.50% of Donaco shareholders present and voting, either in person or by proxy, attorney, or corporate representative, also voted in favour of the Scheme. The voting results reflect strong shareholder backing for the proposed acquisition.

The Scheme remains subject to the approval of the Supreme Court of New South Wales at a hearing scheduled for Thursday, 7 August 2025. The Second Court Hearing will only occur if all of the remaining conditions precedent to the Scheme have been satisfied or waived. If the court approves the Scheme and all conditions are met, Donaco intends to lodge a copy of the court orders with ASIC on Friday, 8 August 2025, upon which the Scheme will become effective and DNA shares will be suspended from trading on the ASX. Pending final approvals, the implementation of the Scheme is expected to occur on Tuesday, 19 August 2025.

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