(Bloomberg) -- Playtech Plc’s €2.3 billion ($2.56 billion) sale of its Italian gambling business Snaitech to Flutter Entertainment Plc will also result in a handy windfall for its top managers.
Playtech’s senior team, including its executive directors, are set to receive bonus awards of as much as €100 million from proceeds of the sale, announced on Tuesday. Chief Executive Officer Mor Weizer will get the largest share, the UK company said in a statement.
A separate cash bonus pool of €34 million will be paid out to Snaitech’s senior management team, of which CEO Fabio Schiavolin will reap the most.
Playtech shareholders will also share in the spoils after the company vowed to return up to €1.8 billion in special dividends. That corresponds to £4.56 to £4.83 per Playtech share, or 85% to 90% of the undisturbed share price, the company said.
Playtech shares fell 3.7% as of 9:23 a.m. London time after initially climbing as much as 2.1%. The stock, up more than 60% this year, surged 15% on Monday. Flutter traded up 0.7% in London.
(Corrects to clarify that the bonus payment is separate from the special dividend)
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