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Playtech gets Italian gaming regulator approval for Snaitech deal

Reuters

(Reuters) - British gambling technology company Playtech Plc said on Monday it received approval to buy a majority stake in Italian betting and gaming firm Snaitech SpA from the gaming regulator in Italy.

Playtech, which develops platforms for online casino and online poker, had in April agreed to buy a 70.6 percent stake in Snaitech for 291 million euros ($359.2 million) in cash.

The deal is expected to close next month. After that, Playtech will have to make a takeover offer for the remaining stake in Snaitech.

($1 = 0.8524 euros)

(Reporting by Rahul B in Bengaluru; Editing by Arun Koyyur)