By Christian Moess Laursen

Playtech has confirmed that it is taking part in a potential acquisition process to buy SKS365 Malta Holdings, the parent company of major Italian rival PlanetWin365.

The gambling-software company said Friday that it is aware that there are other parties who are also participating in the process and that have expressed an interest in buying SKS365.

According to a Sky News report, Playtech and U.K. peer Flutter Entertainment--the owner of Paddy Power and Betfair--are competing in an auction of the Italian gambling group, which is expected to fetch around 500 million pounds ($610.2 million).

Playtech said there can be no certainty that it will be successful in the process nor that any transaction regarding the potential acquisition of SKS365 will be agreed.

Playtech has a market capitalization of GBP1.4 billion, while Flutter is valued at nearly GBP24 billion.

Flutter didn't comment when contacted by Dow Jones Newswires.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

September 29, 2023 08:38 ET (12:38 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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