Flutter, Stars Group to merge into global betting leader

Wednesday, 02. October 2019 11:38

Flutter Entertainment plc, which owns betting companies Paddy Power and Betfair, agreed to merge with The Stars Group Inc., its competitor from Canada. The all-share deal would create the world’s largest online betting firm, as Flutter stated on Wednesday.

The combined annual revenues of both firms are £3.8 ($4.6) billion, while the stock market value of the merged company will be approximately £9.3 billion. The Flutter shareholders' stake in the combined company will amount to 54.6%. The deal is expected to be completed in the second or third quarter of 2020.

Gary McGann, the current Flutter chairman, will keep the role in the merged firm, which will be based in Dublin and listed on the London Stock Exchange. McGann said that it will become the global leader in "the fast-growing online sports betting and gaming industry." Flutter's shares rocketed 20.83% at 11:28 am CET.

Related Links: Stars Group Inc.Flutter Entertainment plc
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