The Stars Group Flutter Entertainment Merger Update During Coronavirus Crisis

The Stars Group Flutter Entertainment Merger Update During Coronavirus Crisis

It has been reported today that a merger is still on the cards between Canadian gaming and online gambling company; The Stars Group and Flutter Entertainment; a bookmaking holding company created by the merger of Paddy Power and Betfair despite the downturn due to coronavirus.

The combination company deal was agreed last year, but is yet to be approved.

However, chief executive officer of Flutter Entertainment Peter Jackson provided an update as to the uncertainty caused by Covid-19:

“We are pleased to publish our prospectus and circular in relation to our combination with The Stars Group. In these challenging times I am more convinced than ever of the strategic fit of these two complementary businesses.”

Jackson added details about the vision and ambition of the merger and what it will mean for both businesses:

“The combined business will enjoy improved geographic and product diversification and allow us to advance our strategic goals. I am delighted that Rafi has agreed to join the Flutter Board and to be available to me as a consultant given his extensive knowledge of Stars’ international business.”

Peter Jackson concluded with details on the next move and what is still to be agreed between the companies and authorities:

“We continue to work with various competition and anti-trust authorities globally to secure the few remaining approvals required. We do so while never losing sight of our current primary objective to ensure the safety of our staff and customers during these unprecedented times.”

The move between the two will also see changes to the board of directors, including the roles of non-executive directors of Flutter Entertainment: Mary Turner, Rafeal Ashkenazi, Alfred Hurley, David Lazzarato, Divyesh Gadhia.

Chair of Flutter Entertainment Gary McGann spoke about the changes and shared his views:

“I am looking forward to working with the new Flutter board in realising the exciting opportunities that will emerge from the combination of these two great companies. I would like to take this opportunity to note the commitment and dedication shown by Emer and Jan during their time on the Flutter Board, to thank them for their support and to wish them both well for the future.”

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