By Iqbal Johal
Flutter Entertainment has announced its acquisition and merger with The Stars Group (TSG) will be completed on 5 May.
The deal will see Flutter acquire all TSG’s issued and outstanding shares, to create a merged entity worth £3.8bn ($4.7bn), which was first announced last October.
Last week, 99.9% of TSG shareholders voted to support to special resolution, with Flutter shareholders voting 99.19% in favour, a week prior.
Flutter has now received all of the remaining regulatory and competition authority clearances, with trading on the London Stock Exchange’s main market for listed securities, and Euronext’s Dublin Main Securities Market, to commence at 8am on 5 May.
The combined business will initially have five reporting segments, including TSG International – excluding current US operators – Sky Betting and Gaming and Paddy Power Betfair (PPB)
Flutter anticipates the Group will report 2020 full-year earnings on that basis, before moving to a four-divisional operating structure, merging TSG International operations with PPB. Paddy Power will then move into a new UK & Ireland division, along with Sky Betting and Gaming.
Flutter CEO, Peter Jackson, said: «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 that we approach the future with confidence in these uncertain times.»