04:50 AM EDT, 09/17/2024 (MT Newswires) -- Flutter Entertainment ( FLUT ) said Tuesday it has agreed to acquire Snaitech, an Italian omnichannel operator, from a Playtech subsidiary for 2.3 billion euros ($2.56 billion).

The company said the acquisition will help strengthen its international market presence. The deal is expected to close by Q2 2025 and be immediately accretive to earnings per share.

Flutter expects leverage to increase post-transaction but then "reduce rapidly given the highly visible profitable growth opportunities that exist across the group," it said.

The company also anticipates operating cost synergies of at least 70 million euros through the integration of technology, content and third-party procurement.