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The Stars Group-Flutter Entertainment merger to complete Tuesday

30th April 2020 7:43 am GMT
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Listed gaming operators The Stars Group and Flutter Entertainment will complete their merger next week to create one of the largest betting and gaming businesses in the world.

The business combination is expected to complete on May 5 following last week’s approval by both sets of shareholders and receipt of remaining regulatory and competition authority clearances.

Upon completion, The Stars Group (TSG) shareholders will receive 0.2253 Flutter ordinary shares for each common share held in TSG, with the new shares commencing trading on the London Stock Exchange and Euronext’s Dublin Main Securities Market at 8am on Tuesday May 5.

The combined business will initially be comprised of five reporting segments: TSG International, excluding current US operations; PPB including Paddy Power online, Betfair, Adjarabet, Paddy Power retail and B2B operations; Sky Betting and Gaming; Australia, including Sportsbet and BetEasy; and US, including FanDuel Group and all TSG US operations.

The group plans to reduce this to four segments in the longer term, with the first step in the process being the merger of the current TSG International operations with PPB. Once the necessary technical changes have been completed, Paddy Power will move into a new UK & Ireland division along with Sky Betting and Gaming.

Peter Jackson, group chief executive, commented: “I am delighted to confirm that our transformational combination with The Stars Group will complete on 5 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 that we approach the future with confidence in these uncertain times.”

“As we approach a new era for the enlarged Flutter organisation, I wish to take this opportunity to acknowledge the huge contribution of Rafi Ashkenazi in creating the exceptional business that The Stars Group is today. He has been instrumental in transforming TSG from a single product operator to a diverse global leader with multiple product offerings. I know that his experience and expertise will bring valuable perspective to our Board as we bring our two businesses together.”

Dave Gadhia, executive chairman of The Stars Group, added: “We are very excited about the potential of this combination, which will create a global leader in online betting and gaming with a portfolio of trusted brands, complementary best-in-class products, diversified revenues, stand-out technology and, most importantly, outstanding teams of exceptional people around the world.

“I would like to personally thank our shareholders, employees, customers, and partners for supporting our vision, and particularly thank Rafi for his leadership and dedication, as well as the rest of our management team for an exceptional job expanding our business to create a truly global, diversified leader, delivering strong growth despite facing significant headwinds over the years. Lastly, I'd like to thank our Board of Directors who delivered an unprecedented level of commitment stewarding the business while providing unwavering guidance and support in our pursuit of growth.”

Shares in The Stars Group Inc. (TSE:TSGI) closed marginally higher at CAD$36.65 per share in Toronto Wednesday, while shares in Flutter Entertainment plc. (LSE:FLTR) closed unchanged at 9,444.00 pence per share in London.

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