Canada – Canadian gaming and online gambling firm The Stars Group looks set to combine with bookmaking holding company created by the merger of Paddy Power and Betfair; Flutter Entertainment, following approval of its shareholders today.
The special resolution approved the previously announced plan of arrangement under the Business Corporations Act between The Stars Group and Flutter, whereby Flutter will acquire all of the issued and outstanding common shares of The Stars Group.
More than 99% of the shares voted at the meeting and voted in favour of the arrangement that was outlined last month.
The deal will see Flutter Entertainment formally acquire The Stars Group for a figure in the region of almost $7 billion, thus creating the largest online gambling firm in the world based on revenue.
On the 21st April 2020, the shareholders of Flutter Entertainment also approved the Arrangement.
Subject to remaining regulatory approvals and customary closing conditions, The Stars Group now currently expects the Arrangement to close in May 2020.
The Stars Group owns or licenses gaming and related consumer businesses and brands, including PokerStars, PokerStars Casino, BetStars, Full Tilt, FOX Bet, BetEasy, Sky Bet, Sky Vegas, Sky Casino, Sky Bingo, Sky Poker, and Oddschecker, as well as live poker tour and events brands, including the PokerStars Players No Limit Hold’em Championship, European Poker Tour and Asia Pacific Poker Tour.
The Stars Group is one of the world’s most licensed online gaming operators with its subsidiaries collectively holding licenses or approvals in 24 jurisdictions throughout the world, including in Europe, Australia, and the Americas.