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(Alliance News) - Flutter Entertainment PLC said Tuesday its merger with Canada's Stars Group Inc has been granted informal approval by the Australian Competition & Consumer Commission.
Under the terms of the deal, announced in October, Stars Group shareholders will receive 0.2253 of a new Flutter share in exchange for each Stars Group share. Upon completion of the merger, Flutter shareholders would own 55% and Star Group shareholders 45% of the combined firm.
The more than GBP10 billion merged company will be based in Dublin, with a premium listing on the London Stock Exchange and a secondary listing on Euronext Dublin. Flutter Entertainment Chief Executive Officer Peter Jackson will lead the combined group.
Stars already has a presence in the UK gambling market through the Sky Bet brand, while Flutter owns Paddy Power and Betfair.
The proposed merger remains subject to approval from the Australian Foreign Investment Review Board, as well as other international regulatory bodies.
Until Tuesday, the UK Competition & Markets Authority has been inviting comments on whether the merger would lead to a "substantial lessening" of competition.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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