Flutter Entertainment PLC (FLTR.DB) and Stars Group Inc. (TSGI.T) said Wednesday that they have agreed to merge in a deal that creates a company worth about $11.36 billion based on their closing share prices on Tuesday.
Under the deal--which will see Flutter shareholders owning 54.64% of the combined company--Stars Group shareholders will get 0.2253 new Flutter shares for each share held.
Flutter shares closed at 7,634 pence in London on Tuesday, implying a market value of 5.97 billion pounds ($7.33 billion). Stars Group shares closed at 20.25 Canadian dollars, implying a value of C$5.83 billion ($4.41 billion).
The companies said that Gary McGann, currently chair of Flutter, will become chair of the combined group, while Peter Jackson, currently chief executive of Flutter, will assume the role of CEO of the combined group.
Jonathan Hill, currently financial chief of Flutter, will assume the role of CFO of the combined group.
The merger is conditional upon approval of both Flutter and Stars Group shareholders, which is expected during the second quarter of next year. The deal is expected to complete by the third quarter.
Write to Ian Walker at ian.walker@wsj.com
2019-10-02 08:20:00Z
https://www.marketwatch.com/story/flutter-entertainment-to-buy-stars-group-2019-10-02
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