Paddy Power and Betfair owner Flutter Entertainment has agreed a £1.62bn deal to buy Italian online gaming group Sisal.
Flutter’s acquisition of Milan-based Sisal from buyout firm CVC Capital Partners will add to its existing presence in Italy through PokerStars and Betfair, giving it a combined online market share of 20 per cent.
Sisal employs around 2,500 people and has 300,000 average monthly online players and more than 9.5m retail customers.
It is set to post underlying earnings of £211m for 2021.
Peter Jackson, Flutter chief executive, said: “I am delighted to add Sisal, Italy’s leading gaming brand, to the group as we look to attain a gold medal position in the Italian market.
“For some time we have wanted to pursue this market opportunity via an omni-channel strategy and this acquisition will ideally position us to do so.
“Sisal has grown its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation.
“I’m excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities.”