Flutter has today confirmed it has completed the acquisition of Italian gaming operator Sisal in a deal worth £1.6bn (€1.9bn).
The transaction was finalised on Thursday, August 4, after Flutter received all the necessary regulatory approvals.
The move was first announced by Flutter on December 23, 2021, with the expectation of completing the transaction during the second quarter of 2022.
December’s statement outlined Flutter’s motives behind the move; Sisal’s omni-channel offering and strong presence in Italy were both highlighted as significant.
The size and potential of the Italian market was listed as an attraction for Flutter, while it also noted the strategic advantages of retail network access and diversified product demand.
Italy marks Europe’s second largest regulated market behind the United Kingdom and, following the conclusion of the acuisition, Flutter boasts a 20% market share.
“I’m excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities,” Flutter CEO Peter Jackson said at the time.
Sisal – which made an unsuccessful bid to replace Camelot as the UK National Lottery operator earlier this year – was previously owned by CVC Capital Partners, and since the deal was announced the firm has achieved year-on-year revenue growth of 58% to £402m and 51% in EBITDA to £120m during the first half of 2022.
The transaction has been completed using debt facilities agreed at the acquisition announcement in December, bringing Flutter’s expected weighted average cost of debt to approximately 3.4% for the second half of 2022.