On April 30, 2025, U.K.-based software company Playtech PLC announced the close of the disposal of gaming operator Snaitech SpA to Flutter Entertainment PLC (BB+/Positive/--) for a total €2.3 billion consideration. Proceeds will be used to pay a €1.8 billion extraordinary dividend to shareholders, pre-pay the €150 million outstanding senior secured notes due 2026, and pay over €230 million one-off costs (including taxes, incentive plans, and transaction costs and fees) and capital deficit. In our view, the disposal of Snaitech weakened Playtech's business risk profile primarily because it reduces scale and makes its revenue stream less diversified given the concentration around business-to-business (B2B) operations and higher customer concentration, despite lower exposure to Italy. The Snaitech sale, coupled with a revised
