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Flutter Entertainment to become world's largest online betting and gaming operator through PokerStars merger
2nd October, 07:22Approval of both companies' shareholders is expected in the second quarter of 2020
Flutter Entertainment PLC (LON:FLTR) is to merge with PokerStars owner The Stars Group Inc (TSE:TSGI) in an all-share deal.
The new group will be the world's largest online betting and gaming operator with combined revenues in 2018 of £3.8bn.
Flutter, created by the merger of Paddy Power and Betfair in 2016, will hold 54.6% on the enlarged group, while TSG, a Canadian gaming and online gambling company, will own 45.4%.
Approval of both companies' shareholders is expected for the second quarter of 2020 and completion will follow in the third quarter at latest.
"The combination represents a great opportunity to deliver a step-change in our presence in international markets and ensure we are ideally positioned to take advantage of the exciting opportunity in the US through a media relationship with FOX Sports as well as our development of US sports betting through Flutter's FanDuel and TSG's FOX Bet brands," said Flutter's chief executive Peter Jackson.
"We are committed to these two high-quality brands to drive the growth of the combined group in the US."