Paddy Power-owner Flutter Entertainment confirmed on Friday that it had successfully placed eight million new shares in the company to raise €1.2 billion to help pay for its Fanduel buyout deal.

Flutter said this week that it has agreed to buy minority shareholder Fastball Holdings out of the Irish betting giant's US business Fanduel for $4.175 billion (€3.4bn). This will bring its stake in the business up to 95 per cent.

The Dublin-headquartered company confirmed that a share-placing announced on Thursday to raise £1.1 billion (€1.22bn) was successfully completed.

Goldman Sachs and Irish brokers Davy placed around eight million shares in the company at 14,000 pence sterling and €155.44 each, Flutter said.

Flutter will pay the balance of the Fanduel purchase price by issuing new shares to Fastball's backers, including US private equity player KKR, Google Ventures, California-based investor Shamrock and telecoms giant Comcast.

Shareholders must approve the Fanduel deal at an extraordinary general meeting this month.