Flutter Entertainment announces that the completion date of its acquisition of The Stars Group is today 5 May 2020
The merger between Flutter Entertainment Plc ("Flutter") and The Stars Group will take effect on Tuesday, May 5, the date on which the former shareholders of The Stars Group will see their shares go through the shares of Flutter. In addition, it has been reported that the new company will have 5 different divisions.
Flutter Entertainment Plc ("Flutter") is pleased to announce that the intended time and completion date of its acquisition of The Stars Group ("TSG") is 8am on 5 May 2020. This follows receipt of shareholder approval from Flutter and TSG shareholders last week and the subsequent receipt of all remaining regulatory and competition authority clearances required.
Longer-term it is the Group’s intention to move to a 4-divisional management and operating structure. This will involve two steps, the first being to merge the current TSG International operations with PPB. Thereafter, once the necessary technical changes have been completed, Paddy Power will move into a new UK & Ireland division along with Sky Betting and Gaming.
Each of these organisational changes will be managed with the primary objective of maintaining momentum within each business as the Group looks to achieve the potential revenue and cost benefits of integration.Peter Jackson, Group Chief Executive, commented:“I am delighted to confirm that our transformational combination with The Stars Group will complete on 5 May. The enlarged Group brings together exceptional brands, products and businesses, a hugely talented and experienced team, and a diverse global presence. The strength of our combined portfolio of assets means that we approach the future with confidence in these uncertain times. 1 These were the Foreign Investment Review Board (FIRB) in Australia as well as clearances from Bulgaria, Pennsylvania and New Jersey.
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