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Flutter Entertainment have announced the merger with The Stars Group is set for May 5th 2020. The Irish based company and owner of Paddy Power Betfair made the announcement after shareholders overwhelmingly voted for the deal last week.
Dublin Based Company
When the acquisition is finalised, Flutter will own 54.64% stake in the combined company while The Stars will own 45.36%. The newly formed business will be Dublin based and listed on the London stock exchange.Flutter made a statement on their websites stating they had secured all of the relevant regulatory approvals to move forward with the deal and hopefully the deal will finalise at 8am, 5th May 2020.Flutters Chief Executive Peter Jackson said,“ I‘m delighted to confirm that our transformational combination with The Stars Group will complete on the 5th May. The enlarged group brings together exceptional brands, products and businesses, a hugely talented and experienced team, and a diverse global presence. The strength of our combined portfolio of assets means we approach the future with confidence in these uncertain times.“ Both businesses have a strong legacy of leadership when it comes to responsible gambling. As a combination, we are determined to deliver on our commitment to drive a race to the top when it comes to responsible gambling best practice across the sector.”
2020 Financial Figures
Once the merger is completed the new business will consist of five segments to report from, these include:TSG International (excluding US operations)Paddy Power Betfair (Including Paddy Power online,Betfair, Adjarabet, Paddy Power retail and B2B operations)Australia (including Sportsbet and Beteasy)US (including FanDuel Group and TSG US operations)Flutter are expected to base its 2020 financial year on these reports but hope to move to a four division management structure in the future.