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Flutter Leisure plc is happy to announce the acquisition of Sisal (“Sisal”), Italy’s main on-line gaming operator, from CVC Capital Companions Fund VI for a consideration of €1.913bn/£1.62bn. This acquisition totally aligns with the Group’s technique of investing to construct management positions in regulated markets globally. The transaction is prone to full throughout Q2 2022 and is anticipated to be accretive to adjusted earnings within the first 12 months post-completion.

Sisal is a number one betting, gaming and lottery operator headquartered in Milan. Within the 12 months to December 20211, Sisal expects to generate EBITDA of €248m/£211m, with 59% coming from its on-line providing and the rest coming from a mix of retail and lottery operations. Roughly 90% of Sisal’s 2021 EBITDA is generated in Italy with the steadiness coming from regulated lottery operations in Turkey and Morocco. The enterprise employs circa 2,500 folks right now.

The addition of Sisal to Flutter delivers a number of key strategic outcomes:

  • Secures a gold medal place in Italy by bringing the main on-line model into the Flutter portfolio. The mixture of Sisal with Flutter’s current on-line Italian presence by way of PokerStars and Betfair will end in a mixed on-line share of 20percent2
  • Will increase the Group’s publicity to a beautiful, fast-growing, regulated on-line market: Italy is Europe’s 2nd largest regulated playing market and one which has seen on-line penetration develop from 10% in 2019 to roughly 20% right now. Sisal’s on-line revenues have grown by a compound annual charge of 34% since 2016
  • Sisal’s omni-channel providing will ship a aggressive benefit to Flutter’s enterprise, significantly given Italy’s promoting restrictions and the prevalence of money deposits and withdrawals by way of retail
  • Will increase Flutter’s leisure buyer base with the addition of 300,0003 extremely engaged on-line common month-to-month gamers and over 9.5m retail clients
  • Additional diversifies Flutter’s product and geographical footprint and will increase the proportion of Flutter’s income from regulated markets which in Q3 2021 was over 91%
  • Bolsters Flutter’s current expertise pool by including a confirmed administration staff that may proceed to guide the enterprise and who’ve sought to take a management place within the promotion of safer playing in Italy

Peter Jackson, Flutter Chief Govt, commented:

“I’m delighted so as to add Sisal, Italy’s main gaming model, to the Group as we glance to achieve a gold medal place within the Italian market. For a while now we have needed to pursue this market alternative by way of an omni-channel technique and this acquisition will ideally place us to take action. Sisal has grown its on-line presence considerably lately, aided by its proprietary platform and dedication to innovation. I’m excited to see how Flutter can complement these capabilities by way of our scale, differentiated merchandise and operational capabilities. We look ahead to welcoming Francesco and the remainder of the Sisal staff to Flutter in 2022.”

Francesco Durante, Sisal Chief Govt, commented:

“Over the past 5 years, because of CVC’s help, now we have efficiently reworked Sisal into a number one digital and worldwide gaming firm. By way of our dedication to digital innovation, worldwide growth and safer playing, now we have achieved a management place in Italy’s on-line gaming market and developed our international footprint by successful lottery tenders in Morocco and Turkey. We’re delighted to affix Flutter and are satisfied that by way of its scale and operational capabilities, we can additional strengthen our management within the markets we function in. I look ahead to working with Peter and the staff on the subsequent chapter of Sisal historical past.”

Giampiero Mazza, Managing Associate at CVC Italy commented:

“We’re very happy with the success achieved by Sisal and its transformation since our acquisition in 2016. By way of heavy funding in its digital competencies, Sisal has change into Italy’s chief in on-line gaming whereas additionally rising its worldwide operations. Moreover, the Firm is main the Ital-ian {industry} in making certain accountable and secure gaming. We wish to thank Francesco and the entire man-agement staff for his or her unbelievable dedication, focus and ambition, and for main this profitable jour-ney regardless of regulatory challenges and the pandemic. Flutter is a incredible new associate for Sisal and we want them the perfect.”

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