Further re Squeeze Out of Snaitech S.p.A.

RNS Number : 7722W

Playtech PLC

03 August 2018

 

Playtech PLC

("Playtech" or the "Group")

Snaitech update

3 August 2018

Further to the announcement on 25 July relating to the launch by Pluto (Italia) S.p.A. ("Pluto"), a wholly-owned subsidiary of Playtech, of the squeeze out process over the remaining minority shareholdings in Snaitech S.p.A. ("Snaitech") under article 111 of Italian Financial Services Act (the "Squeeze Out"), Playtech is pleased to announce that the Squeeze Out has completed resulting in Snaitech becoming a wholly-owned subsidiary within the Playtech Group and the shares in Snaitech have today been successfully de-listed from Mercato Telematico Azionario, organised and managed by Borsa Italiana.

Playtech is also pleased to announce that Snaitech has today released its interim results as of 30 June 2018, highlights include:

§ Improved profitability (EBITDA up by 33.4% to approx. €74 million)

§ Net profit of €15.4 million and reduced leverage ratio (2.4x)

§ Continued strong growth of online business (+22.2%)

Snaitech has also today launched an offer to redeem its "6.375% Senior Secured Notes due 2021" and "Senior Secured Floating Rate Notes due 2021" (the "Notes") following the change of control of Snaitech which occurred on 5 June 2018 when Pluto originally acquired a controlling stake in Snaitech by completing the purchase of 70.561% of the share capital of Snaitech from Global Games and OI Games S.A (the "Acquisition").

Today's full Snaitech announcement of its interims results which also includes information on the offer to redeem the Notes can be found at http://snaitech.it/en/investors/financial-press-releases

Playtech will announce its interim results for the six months ended 30 June 2018 on 23 August 2018. Snaitech's results will be included in Playtech's consolidated financial statements from 5 June 2018, the date of completion of the Acquisition.   

-ENDS-

For further information please contact:

Playtech plc	[phone]
James Newman, Head of Investor Relations & Corporate Communications
Headland (PR adviser to Playtech)	[phone]
Lucy Legh                                                         Stephen Malthouse

 

END

 

 

FURSSFSUDFASESA