PE-backed Snaitech sold to Playtech for €846m

Snaitech has an enterprise value of €846m, of which €429m is debt and €417m is equity, which equates to 6.2x the company's 2017 EBITDA.

Global Games, which is controlled by Italian GPs Investindustrial and Palladio, sold its 55.6% stake, while OI-Games, owned by PE firm Orlando Italia, sold its 15% holding.

Following the deal, Playtech will own a 70.6% stake in the company and will have to make a mandatory takeover offer for the remaining 29.4% of Snaitech's traded shares at the price of 219 cents per share. After the public offering, which is expected to close in Q4 2018, Playtech will be able to de-list the company from the Italian stock exchange.

Company
Based in Milan, Snaitech is a gaming and betting company that owns 1,600 betting points in Italy, and specialises in sports and horse-race betting, online sports betting and casino games. In 2017, the company generated EBITDA of €136m from revenues of €890m.

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• Topics
• Exits
• Southern Europe
• Consumer
• Italy
• Investindustrial
• Palladio Finanziaria
• Trade sale