Flutter Entertainment completed the acquisition of Sisal.
Flutter will now be taking control of CVC Capital Partners’ Italian operator after the transaction was finalized on 23 Dec 2021.
However, Sisal didn’t come cheap. The deal signed between CVC and Flutter placed a hefty £1.62bn ($1.97bn) price tag on the operator.
This sum, which included all of Sisal’s debt, was due in full on completion. Flutter intended to finance the transaction using additional credit facilities that were agreed upon with Barclays Bank.
As a result, completion has brought Flutter’s expected weighted average cost of debt to approximately 3.4% for H2.
It was also slightly late for completion. The transaction was originally expected to be completed in Q2, according to the announcement. Flutter, however, was thrilled to complete its takeover.
“The acquisition of Italy’s leading online gaming operator, in an attractive and fast-growing online market, is aligned to the group’s strategy of investing to build leadership positions in regulated markets,” it said.
The statement is in line with statements made by Peter Jackson (Flutter CEO) when the transaction was first announced. He said Flutter was looking to “attain 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% in revenue to £402m and 51% in EBITDA to £120m during H1 2022.”
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