HorsePunter
Yearling
Flutter Entertainment, the parent company of Paddy Power Betfair, are to buy the Stars Group, owner of Sky Bet, to create a global betting giant.
In an all-share deal, Flutter shareholders would own approximately 54.64 per cent and Stars Group (TSG) shareholders 45.36 per cent of the new group.
The combined group’s annual revenue would have been £3.8 billion in 2018, making it the largest online betting and gaming operator globally.
Flutter’s chief executive Peter Jackson will retain that role in the enlarged group, while Stars Group chief executive Rafi Ashkenazi will become chief operating officer. Flutter's chairman Gary McGann will chair the group.
Jackson said: "The combination represents a great opportunity to deliver a step change in our presence in international markets and ensure we are ideally positioned to take advantage of the exciting opportunity in the US through a media relationship with Fox Sports as well as our development of US sports betting through Flutter’s FanDuel and TSG’s Fox Bet brands. We are committed to these two high quality brands to drive the growth of the combined group in the US.
"The combination will turbo charge our existing four-pillar strategy and provide world-class capabilities across sports betting, gaming, daily fantasy sports and poker, as well as greater geographical and product diversification.
"We believe the combination of Flutter and TSG will deliver substantial value for shareholders. We will have an exceptional portfolio of leading recreational brands and best-in-class products on industry-leading technology platforms."
Shares in Flutter Entertainment had risen 15.82 per cent at 9.30am on Wednesday.
In an all-share deal, Flutter shareholders would own approximately 54.64 per cent and Stars Group (TSG) shareholders 45.36 per cent of the new group.
The combined group’s annual revenue would have been £3.8 billion in 2018, making it the largest online betting and gaming operator globally.
Flutter’s chief executive Peter Jackson will retain that role in the enlarged group, while Stars Group chief executive Rafi Ashkenazi will become chief operating officer. Flutter's chairman Gary McGann will chair the group.
Jackson said: "The combination represents a great opportunity to deliver a step change in our presence in international markets and ensure we are ideally positioned to take advantage of the exciting opportunity in the US through a media relationship with Fox Sports as well as our development of US sports betting through Flutter’s FanDuel and TSG’s Fox Bet brands. We are committed to these two high quality brands to drive the growth of the combined group in the US.
"The combination will turbo charge our existing four-pillar strategy and provide world-class capabilities across sports betting, gaming, daily fantasy sports and poker, as well as greater geographical and product diversification.
"We believe the combination of Flutter and TSG will deliver substantial value for shareholders. We will have an exceptional portfolio of leading recreational brands and best-in-class products on industry-leading technology platforms."
Shares in Flutter Entertainment had risen 15.82 per cent at 9.30am on Wednesday.