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Snaitech enters Spain as Playtech deal nears completion

| By iGB Editorial Team
Company’s first move outside Italy coincides with impending completion of Playtech's 100% takeover

Snaitech managing director Fabio Schiavolin is targeting a swift rollout of the company’s ‘Smart Technology’ offering across Spain “in the coming months” after securing a licence to make its first move outside its home market of Italy.

Snaitech is set to have a retail betting presence in Spain through the BetSmart platform by the end of this summer after linking up with operator Apuestas de España to launch Apuestas by Snai in the country.

Snaitech will ultimately offer various online and mobile app sports betting products, as well as betting terminals and payment processing services.

Having secured a B2B supplier licence from the country’s gaming regulator, the DGOJ, Snaitech is now confident of meeting the “challenge of internationalisation,” Schiavolin (pictured) said.

“The Snaitech universe is being transformed and is driving the company beyond its position as an Italian market leader,” he said. “After launching in July, in the following months we want to expand our presence in the Spanish gaming sector in different autonomous communities.”

Schiavolin will continue to serve as managing director of the company until 2021, while it has been confirmed that Playtech chief executive Mor Weizer will become Snaitech’s chairman.

Playtech chief financial officer Andrew Smith will also join the board to serve alongside Snaitech’s Andrea Nappa, Chiara Palmeri, Mara Vanzetta and Raffaella Viscardi.

In other news, Playtech confirmed this (Thursday) morning that it is set to complete its full takeover of Snaitech on August 3 after confirming that it now owns 96.5 per cent of the Italian gaming company’s shareholding following the conclusion of the mandatory takeover offer period.

A spokesperson for Playtech told iGamingBusiness.com today that the timing of Snaitech’s launch in Spain and the impending completion of the buy-out was coincidental, with “the takeover running to its own timetable while it has been business as usual at Snaitech” since the transaction was announced.

“There is obviously an opportunity for Playtech in Spain in the future, but the priority right now is to focus on the Italian business,” the spokesperson added.

In its market announcement this morning, Playtech confirmed that its Italian subsidiary, Pluto, would initiate a so-called ‘squeeze-out’ period in which the remaining stake will be acquired from minority shareholders at a set price of €2.19 per share.

Snaitech’s shares will be suspended from trading on August 1 and, following the conclusion of the squeeze-out period, the company will be delisted from the Borsa Italiana’s Mercato Telematico Azionario on August 3.

In April, Playtech announced an initial acquisition of 70.6 per cent of Snaitech in a €846m ($1bn) deal funded by cash and new debt.

Having secured approval for the transaction last month from Consob, Italy’s financial regulator, Playtech was required to make an offer for the remaining shares.

Weizer said at the time of the takeover announcement that the transaction would “improve the quality and diversification of group revenue, whilst delivering exposure to high growth end markets”.

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