Gambling technology provider Playtech confirmed that it has begun negotiations for a potential acquisition of bookmaker and gaming operator SKS365 Malta Holdings, the company behind PlanetWin.
“Following the recent media speculation, Playtech confirms that the Group is currently participating in a process regarding the potential acquisition of SKS365 Malta Holdings Limited,” the company said in a regulatory filing.
The Italy-based company offers gaming to 600,000 registered online customers via its brand Planetwin365.it website and offline, through a retail network of nearly 1,000 street shops in Italy.
“Playtech is aware that there are other parties who are also participating in the process and who have expressed an interest in acquiring SKS. There can be no certainty that Playtech will be successful in the process nor that any transaction regarding the potential acquisition of SKS will be agreed upon. Further announcements will be made as and when appropriate,” the filing added.
The company issued the clarification following reports of bids from both Playtech and Flutter for SKS365. According to Sky News, the deal’s potential value is estimated to be between £500-£600 million ($610-$732 million). The report also said Italy’s Lottomatica has also expressed interest.
A takeover of such magnitude would constitute a significant development for Playtech, given its market capitalization of £1.4 billion, whereas for Flutter, valued at nearly £24 billion, it might not carry the same weight. Notably, both Flutter and Playtech currently maintain operational footholds in Italy.
In its last acquisition, Playtech purchased a minority equity ownership stake in Hard Rock Digital (HRD), the interactive gaming and sports betting division of Hard Rock International and Seminole Gaming, as part of a wider deal between the two firms. As part of the deal, signed in March this year, Playtech agreed to pay $85 million for a low, single-digit percentage stake in HRD, with proceeds from the investment to fund HRD’s global expansion.
Original article: https://www.yogonet.com/international/noticias/2023/09/29/69008-playtech-confirms-negotiations-for-potential-acquisition-of-planetwin-parent-sks365
