Flutter acquires online gaming operator Sisal

Bookmaker Flutter has acquired Italian online gaming operator Sisal from CVC Capital Partners Fund VI for €1.91bn in cash.

Flutter said on Thursday that the acquisition was likely to complete during the second quarter of 2022 and was also expected to be accretive to adjusted earnings in the first 12 months post-completion.

The FTSE 100-listed firm noted the sale amount included full repayment of all Sisal's debt upon completion and that the transaction would be financed by way of additional debt facilities, agreed with Barclays Bank.

Flutter added that Sisal expects to generate underlying earnings of €248.0m in the twelve months ended 31 December, with 58% coming from its online offering and the remainder coming from a combination of retail and lottery operations.

Chief executive Peter Jackson said: "For some time we have wanted to pursue this market opportunity via an omnichannel 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. We look forward to welcoming Francesco and the rest of the Sisal team to Flutter in 2022."