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Flutter to complete Stars deal on Monday

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Confidence: Flutter CEO Peter Jackson said deal makes for a diverse global presence

Confidence: Flutter CEO Peter Jackson said deal makes for a diverse global presence

Confidence: Flutter CEO Peter Jackson said deal makes for a diverse global presence

PADDY Power owner Flutter Entertainment expects its acquisition of Canada's Stars group to complete next Monday - earlier than anticipated.

Flutter said it has received all regulatory approvals for the deal, which creates the world's largest online gambling group, worth about €12bn.

Flutter Entertainment shares rose more than 7pc in London, giving it a market capitalisation of £8bn (€9.2bn).

Flutter, which also owns Betfair, as well as FanDuel in the United States and Sportsbet in Australia, said that trading in Stars Group shares in Toronto and New York will cease on Monday, when shares held by the Canadian company's shareholders will be exchanged for shares in Flutter Entertainment.

The Stars Group owns brands including Sky Bet and PokerStars.

"The enlarged group brings together exceptional brands, products and businesses, a hugely talented and experienced team, and a diverse global presence," said Flutter CEO Peter Jackson, who'll also lead the enlarged group.

"The strength of our combined portfolio of assets means that we approach the future with confidence in these uncertain times."

The Canadian group paid $4.7bn in 2018 to buy Sky Betting and Gaming. Fox bought a 4.99pc stake in Stars last year. Rupert Murdoch's Fox Sports will have a stake in the enlarged Flutter group following the completion of the deal.

Flutter said yesterday that the group will continue to employ a "federal operating model", giving units autonomy to respond in local markets.

The enlarged group will initially have five reporting segments. Its so-called PPB unit will include Paddy Power's online and retail operations, Betfair, B2B operations and the group's Adjarabet subsidiary, which is based in Georgia.

The structure will later move to four segments. That will involve merging the current Stars Group international operations with PPB. Later, Paddy Power will move into a new UK & Ireland division along with Sky Betting and Gaming.

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