Playtech Takeover Offer of Italian Betting Company Snaitech Approved by Regulator

London-listed online gambling company Playtech PLC has received approval from the Italian regulator for the offering it made regarding the takeover of Italian gaming and betting company Snaitech S.p.A. Playtech made the announced Friday in a filing to the London Stock Exchange. In April, Playtech announced it has bought a 70.6% stake in Snaitech for $1.05 billion, adding that it intends to buy the remainder of the company during the last quarter of 2018 via a takeover offer. The company currently holds 80.9% of Snaitech. The mandatory period for the takeover offer will end on July 23, or on August 6 if certain conditions are met. The company previously stated the acquisition will enhance its revenue mix towards regulated markets.