Italian Betting Company Snaitech to Delist Following Acquisition by Playtech

Italian gambling company Snaitech S.p.A is delisting from the Italian stock exchange following its acquisition by London-listed online gambling company Playtech PLC.

In a Thursday filing, Playtech announced it now owns 96.5% of Snaitech’s shares and is initiating the transfer of the remaining minority shares, which will see shareholders receive cash consideration equal to 2.19 euros per share. Playtech paid $1.05 billion for a 70.6% stake in the Italian company in April, and its mandatory takeover offer was approved by the Italian regulator in June.

Snaitech’s shares are expected to be suspended from trading on Mercato Telematico Azionario on Wednesday and Thursday, and to be delisted on Friday, Playtech said.

Playtech's offices. Photo: Glassdoor UK