October 2, 2019 / 6:30 AM / 17 days ago

Flutter Entertainment and Stars Group to merge in all-share deal

DUBLIN, Oct 2 (Reuters) - Gambling group Flutter Entertainment is merging with Nasdaq- and Toronto-listed Stars Group Inc in an all-share deal that will create one of the world’s largest online betting and gaming operators, the companies said on Wednesday.

Following the merger, shareholders of Flutter, formerly known as Paddy Power Betfair, would own approximately 54.64% of the new company, with TSG Shareholders owning approximately 45.36% of the share capital.

The merger is expected to deliver substantial value creation for shareholders from pre-tax cost synergies of 140 million pounds per annum, along with potential revenue cross-sell in international markets and lower finance costs, they said. (Reporting by Graham Fahy; Editing by Muralikumar Anantharaman)

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