Paddy Power owner Flutter Entertainment said it would complete its acquisition of the Stars Group (TSG) early next week, following shareholder approval of the deal.
The deal will be officially completed on May 5th. The company cleared the final regulatory hurdles and gained approval from competition authorities for the merger, which will create a business worth a potential €12 billion.
That clears the way for the new Flutter shares issued to shareholders in the Stars Group 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 in London and Dublin will begin at 8am on May 5th.
Flutter said it would continue its current federal operating model, and would initially have five reporting segments, including TSG International; PPB, which includes Paddy Power and Betfair; its Australian division that includes Sportsbet; and Sky Betting and Gaming. In the US, FanDuel and all TSG US operations will come under the one reporting segment.
However, in the longer term the company expects to merge TSG International operations with PPB, which will eventually see Paddy Power move into a new UK and Ireland division along with Sky Betting and Gaming.
"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," said Peter Jackson, group chief executive.
“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.”
