Betting and gaming giant Flutter Entertainment has completed the acquisition of Italian online gaming and lottery operator Sisal.
Flutter said it received all necessary regulatory confirmations for the acquisition and was able to complete the transaction yesterday (August 4).
The group will broker a deal worth €1.91 billion (£1.61 billion / $1.95 billion) in December 2021 to buy Sisal and establish a leadership position in regulated markets around the world. said it was part of its investment strategy.
Sisal is a licensee of the Italian national lottery, as well as the Moroccan and Turkish lotteries, the latter operated through a joint venture with local company Demirören Holding.
The business was also shortlisted for the UK’s fourth National Lottery license, but lost out to Allwyn.
Apart from its lottery activities, Sisal is a leading betting and gaming operator in its native Italy and has expanded into Spain in partnership with Sportnco.
Since the merger was announced in December, Sisal has delivered strong results, with revenues up 58% year-on-year to £402m in the first half of 2022, with interest, tax, depreciation and amortization Profit before is up 51% to £120. over the same period.
Flutter completed the transaction using the originally agreed debt facility on December 23, 2021, resulting in Flutter’s expected weighted average cost of debt for the second half of 2022 of approximately 3.4%.
