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Bookmaking business, Flutter Entertainment (formerly known as Paddy Power Betfair) is merging with Nasdaq Stars Group in an all-share deal that will create one of the world’s biggest online betting group.
Following the merger, shareholders of Flutter, 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.
Source: Latest News on European Gaming Media Network
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