Flutter Entertainment has reached an agreement to add Snaitech to its rapidly expanding portfolio by acquiring the Italian gambling company from Playtech in a deal valued at €2.3 billion ($2.6 billion).

The price of the transaction nearly matches Playtech’s entire market value of $3 billion based on its closing price in London on Monday. The company had only acquired Snaitech for €846 million in 2018.

“While Snaitech has been an important part of the Playtech Group’s growth in recent years, the board agreed that this transaction represents a compelling opportunity to maximize value for our shareholders while also allowing them to share in further upside from continued ownership of a leading B2B business,” Playtech’s CEO Mor Weizer said in a filing on Tuesday.

Playtech also said it would distribute up to €1.8 billion euros to shareholders through a special dividend. The sale, which is expected to close by the second quarter of next year, will leave Playtech to mostly operate as a software provider to other gambling companies.

Flutter expects the deal to boost its earnings immediately. Adding Snaitech to Flutter’s existing business in Italy will give the gambling giant a roughly 30% share of the market.

“This transaction is compelling strategically and financially. It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market leading products and capabilities both in the U.S. and globally,” Flutter’s CEO Peter Jackson said.

The deal comes just days after Flutter said it was buying a majority stake in NSX Group, Brazil’s fourth-largest online gambling operator for about $350 million. The company, which owns Paddy Power and FanDuel, has been pursuing a rapid expansion in recent years that saw it acquire businesses in places like Italy, India, Georgia and Canada.

In May, Flutter switched its primary listing from London to New York to gain access to deeper capital markets. At the time, Jackson described the New York Stock Exchange as its “natural home,” given the company’s dominant position in the U.S. and the growing importance of the American market.