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    FLTR   IE00BWT6H894

FLUTTER ENTERTAINMENT PLC

(FLTR)
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Delayed London Stock Exchange  -  11:35 2022-06-24 am EDT
8790.00 GBX   +4.79%
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Online betting group Flutter to buy Italy's Sisal for $2.2 bln

12/23/2021 | 02:38am EDT
FILE PHOTO: Illustration shows smartphone with Flutter's logo displayed

DUBLIN, Dec 23 (Reuters) - Betfair and Poker Stars owner Flutter Entertainment is to buy Italian gaming operator Sisal for 1.62 billion pounds ($2.16 billion) in a deal it said would more than double its share of the Italian online gaming market to around 20%.

The Italian firm, which also runs retail and online gaming business in Turkey and Morocco and is in the race to run the UK National Lottery, is currently owned by CVC Capital Partners, which bought it in 2016.

Italy, Europe's second largest regulated gambling market, has seen the online share of gaming revenue double to 20% since the start of the pandemic, Flutter said, adding that it expected a sizeable proportion of that to remain online.

The combination of Sisal with Flutter's existing online Italian presence through PokerStars and Betfair will result in a combined online share of 20%, Flutter said.

"I'm excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities," said Flutter Chief Executive Peter Jackson.

Flutter shares were up 2.8% at 0822 GMT.

The transaction, financed by debt, is likely to complete during the second three months of 2022 and is expected to be accretive to adjusted earnings in the first 12 months, Flutter said.

Sisal, which employs 2,500 people, expects to generate earnings before interest, taxes, depreciation, and amortisation of 248 million euros ($281 million) in the 12 months to December 2021, with 58% coming from its online offering, the statement said.

Before the Flutter announcement, Sisal had been planning an initial public offering (IPO) to list its shares on the Milan Stock Exchange.

Flutter last month acquired Tombola, one of the UK's leading online bingo operators, for 402 million pounds.

($1 = 0.7489 pounds) ($1 = 0.8834 euros) (Reporting by Conor Humphries in Dublin and Sinchita Mitra in Bengaluru; Editing by Vinay Dwivedi, Edmund Blair and Jane Merriman)


© Reuters 2021
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Financials
Sales 2022 8 280 M 8 734 M 8 734 M
Net income 2022 424 M 448 M 448 M
Net Debt 2022 4 639 M 4 894 M 4 894 M
P/E ratio 2022 47,6x
Yield 2022 2,20%
Capitalization 18 003 M 18 990 M 18 990 M
EV / Sales 2022 2,73x
EV / Sales 2023 2,26x
Nbr of Employees 16 813
Free-Float 96,9%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 102,42 €
Average target price 156,28 €
Spread / Average Target 52,6%
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Managers and Directors
Jeremy Peter Jackson Chief Executive Officer & Director
Jonathan Stanley Hill Chief Financial Officer & Director
Gary W. McGann Non-Executive Director
Zillah Ellen Byng-Thorne Independent Non-Executive Director
Nancy Cruickshank Independent Non-Executive Director
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