Two London-listed gambling groups are involved in a £500m [$610m] bidding war for PlanetWin365, a major Italian rival.
Sky News has learnt that Flutter Entertainment, which owns Paddy Power and Betfair, and Playtech, which trades under the consumer-facing brand Snaitech, have both lodged bids for PlanetWin’s parent, SKS365. City sources said the auction was expected to fetch in the region of £500m, and potentially as much as £600m.
Lottomatica, an Italian gaming group, is also said to be interested.
A takeover of that scale would be material for Playtech, which has a market capitalisation of £1.4bn, but not for Flutter, which is valued at nearly £24bn.
