Flutter Entertainment has announced that the expected time and completion date of its acquisition of The Stars Group is scheduled for 8am on May 5 of this year.
The announcement follows the green-light being issued by shareholders from both and the subsequent receipt of all remaining regulatory and competition authority clearances required.
Upon completion of the transaction, Flutter will initially have five reporting segments which includes TSG International (excluding current US operations), Paddy Power Betfair, Sky Betting and Gaming, Australia (including SportsBet and BetEasy) and US (including FanDuel and all TSG US operations).
Peter Jackson, group chief executive of Flutter Entertainment, 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.“
The new Flutter shares issued to TSG shareholders will be admitted to listing on the premium listing segment of the Official List of the Financial Conduct Authority and to the secondary listing on Euronext Dublin.
Trading on the London Stock Exchange’s main market for listed securities and Euronext’s Dublin Main Securities Market will commence at 8am on Tuesday May 5.
Jackson concluded: “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.”
Dave Gadhia, executive chairman of the board at Stars, added: With the overwhelming approval of our shareholders last week and receipt of all remaining regulatory approvals, we look forward to completing our combination with Flutter next week.
“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.”