LONDON (dpa-AFX) - Flutter Entertainment Plc (FLTR.L), a sports betting, gaming, and entertainment provider on Thursday said it has acquired Sisal, an Italian betting, gaming, and lottery operator, from CVC Capital Partners Fund VI, for a consideration of 1.913 billion euros or 1.62 billion pounds.
The transaction, scheduled to be completed in the second quarter of 2022, is expected to add to the earnings of the Irish firm during the first year of the post acquisition period.
Peter Jackson, Flutter's chief executive, commented: 'For some time we have wanted to pursue this market opportunity via an omni-channel strategy and this acquisition will ideally position us to do so...'
Headquartered in Milan, for the year scheduled to end in December, Sisal expects to generate EBITDA of 248 million euros, with 58 percent from its online offering, and the remainder from a combination of retail and lottery operations.
With a staff strength of circa 2, 500, approximately 90 percent of Sisal's 2021 EBITDA is to be generated in Italy with the rest from regulated lottery operations in Turkey and Morocco, the company said in a statement.
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