Flutter Entertainment completes purchase of stake in Brazil's NSX

(Alliance News) - Flutter Entertainment PLC on Thursday said it has completed the acquisition of an initial 56% stake in NSX Group, a Brazilian operator of the Betnacional brand.

The New York-based betting operator announced the USD350 million cash deal last September.

Flutter expects that the acquisition of NSX will contribute USD220 million additional revenues and an adjusted earnings before interest, taxes, depreciation and amortisation loss of USD70 million in 2025.

Chief Executive Peter Jackson said the deal "aligns perfectly with our strategy for value creating M&A."

"The combination of NSX's extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalise on the exciting runway of future growth in Brazil," Jackson added.

As part of the deal, a mechanism has been put in place to enable Flutter to increase its shareholding through reciprocal put/call arrangements in year five and year ten following completion.

Flutter noted the Brazilian online sports betting and iGaming market has highly attractive characteristics, including a population of over 200 million, with sports, and soccer in particular, being a key part of its culture.

Shares in Flutter Entertainment were up 0.2% at 18.640.00 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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