Flutter Entertainment, the bookmaking holding company created by the merger of Paddy Power and Betfair, has announced that it expects to complete the acquisition merger deal with The Stars Group next month on the 5th May 2020.
The announcement comes just one week after shareholders and members of the board agreed with the combination deal between the two firms.
Flutter Entertainment group chief executive officer Peter Jackson commented on the news:
“I am delighted to confirm that our transformational combination with The Stars Group will complete on 5 May. 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.”
Flutter Entertainment operates under various brands including Betfair, Paddy Power, Sportsbet, TVG and FanDuel.
Executive chairman of The Stars Group Dave Gadhia added:
“With the overwhelming approval of our shareholders last week and receipt of all remaining regulatory approvals, we look forward to completing our combination with Flutter next week.
We are very excited about the potential of this combination, which will create a global leader in online betting and gaming with a portfolio of trusted brands, complementary best-in-class products, diversified revenues, stand-out technology and, most importantly, outstanding teams of exceptional people around the world.”
Following the news, shares in The Stars Group are up more than five percent on yesterday after the market closed.