flutter shareholders greenlight stars group merger

flutter shareholders greenlight stars group merger

by 21.04.2020 0 comments

Closing Tuesday trading, Flutter Entertainment governance confirms that company shareholders have approved the FTSE100 firm’s merger bid with Toronto TSX rival The Stars Group Inc (TSG).

This afternoon, Flutter governance confirmed that following the conclusion of its extraordinary general meeting, group investors backed the Flutter-TSG combination by 99%.

The merger which seeks to create a new $11 billion global gambling conglomerate, awaits its final shareholder vote by TSG investors, which will take place on Friday 24 April.

Leading the bid, Flutter governance maintains its corporate schedule in seeking to complete the deal by H2 2020. The merger transaction received regulatory clearance from both the UK CMA and Australian ACCC competition authorities, secured during Q1 trading.

Last month, deal stakeholders published a corporate update related to the governance structure of the business, which will be overseen by Flutter Chairman Gary McGann with TSG counterpart Divyesh Gadhi serving as Deputy Chairman.

Flutter Group CEO Peter Jackson will lead the merged enterprise, supported by a new corporate leadership team formed by an equal share of Flutter and TSG executives.

Further merger developments announced today, saw both companies agree on a ‘single brand strategy‘ for the firm’s Australian market presence, which will see Flutter’s larger Sportsbet domain absorb the assets of TSG’s BetEasy brand.

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