Flutter Entertainment has announced the acquisition of Sisal, Italy’s leading online gaming operator, from CVC Capital Partners for €1.913bn.
This acquisition fully aligns with the group’s strategy of investing to build leadership positions in regulated markets globally. The transaction is likely to complete during Q2 2022 and is expected to be accretive to adjusted earnings in the first 12 months post-completion.
Sisal is a leading betting, gaming and lottery operator headquartered in Milan. In the 12 months to December 20211, Sisal expects to generate EBITDA of €248m, with 58 per cent coming from its online offering and the remainder coming from a combination of retail and lottery operations.
Approximately 90 per cent of Sisal’s 2021 EBITDA is generated in Italy with the balance coming from regulated lottery operations in Turkey and Morocco. The business employs around 2,500 people today.
Peter Jackson, Flutter chief executive, commented: “I am delighted to add Sisal, Italy’s leading gaming brand, to the group as we look to attain a gold medal position in the Italian market.
For some time we have wanted to pursue this market opportunity via an omnichannel strategy and this acquisition will ideally position us to do so. Sisal has grown its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation.
I’m excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities.”
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