Flutter Entertainment PLC said on Friday it has completed the €1.91 billion acquisition of Italian online gaming firm Sisal.
This follows receipt of all necessary regulatory approvals, Flutter said.
The Dublin-based sports betting and gaming company bought Sisal from CVC Capital Partners in order to secure a ‘gold medal position’ in Italy, as part of its strategy build its leadership in regulated markets across the globe.
Flutter said Sisal has performed ‘strongly’ since the transaction was announced in December, with 58% annual revenue growth to £402 million in the first half of 2022. Earnings before interest, tax, depreciation and amortisation grew 51% to £120 million.
The prior year was hit by Covid-related retail restrictions, it noted.
The transaction was completed using debt facilities as agreed back in December, which brings Flutter’s expected weight average cost of debt to around 3.4% for the second half of 2022.
Last year, Flutter had said it expects the transaction to be accretive to adjusted earnings in the first 12 months following completion.
Shares in Flutter were 1.0% higher at 8,782.00 pence each in London on Friday morning.
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