The acquisition of Sisal has been completed by Flutter Entertainment.
The transaction, which was announced on December 23, 2021, has now come to a close, allowing Flutter to take control of the Italian operator from CVC Capital Partners.
However, Sisal was not cheap. The price tag on the operator was put at over $1 billion by the deal signed between CVC and Flutter.
On completion, this sum, which included all of Sisal’s debt, was due in full. The transaction was expected to be financed through additional debt facilities.
The completion of the project has brought the weighted average cost of debt to 3.4% for H2.
The completion was a tad late. When the transaction was announced, it was expected to take place in the second quarter. Regardless, Flutter was happy to have accomplished its takeover.
The group’s strategy of investing to create leadership positions in regulated markets is linked with the purchase of Italy’s largest online gaming operator in an attractive and rapidly growing online industry.
This statement is in line with comments made by Peter Jackson when the transaction was announced. He said that Flutter was looking to get a gold medal position in the Italian market.
By combining Sisal’s operations with its existing presence in the Italian online market, through the PokerStars and Betfair brands, Flutter said the transaction will result in a combined online share of 20%.
In the group’s statement announcing the transaction’s completion, Flutter said: “Sisal has performed strongly since the transaction was announced with year-on-year growth of 58 percent in revenue to £402m and 51 percent in earnings before interest, taxes, depreciation and amortisation”
UK-based Flutter Entertainment has completed its acquisition of Italy’s leading online gaming operator Sisal from CVC Capital Partners. The transaction, which was announced on December 23, 2021, has now come to a close, allowing Flutter to take control of the Italian operator from CVC Capital Partners. The transaction will result in a combined online share of 20%, according to Flutter.