(Bloomberg) — Flutter Entertainment has struck a deal to buy Italian gambling operator Sisal in a 1.62 billion pound ($2.2 billion) deal, marking the second major takeover by the U.K. firm in as many months.
Flutter will buy Sisal from CVC Capital Partners Fund VI, according to a statement Thursday, and the deal will likely close in the second quarter of 2021.
The takeover marks yet another merger in the rapidly consolidating gambling industry, sparked by the U.S. Supreme Court’s liberalization of gambling laws, which has spurred competitors to undertake a land grab for customers.
In November Flutter agreed a deal for online bingo operator Tombola Ltd for 402 million pounds, in a bid to diversify its products and increase its online gaming presence in the U.K.
Sisal had previously filed a request for an IPO on the Milan Exchange, according to a statement. CVC originally bought Sisal Group in 2016 for 1 billion euros.
Sisal focuses on gaming and betting services in Italy, managing games including Totocalcio, Totip, and SuperEnalotto.
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