Flutter Entertainment has officially completed its long-awaited acquisition of The Stars Group (TSG), forming the world’s largest iGaming operator.
The two parties first agreed to join forces last October, before authorities in the UK gave Flutter the green light to acquire TSG in March 2020.
Combined, the new mega-company has annual revenue figures of £3.8 billion.
All done and dusted
As part of the merger, there will be a reshuffle at board level. Ex-Tipico CEO Jan Bolz and Telecommunications Executive Emer Timmons will both step down as non-executive business directors.
Elsewhere, a number of TSG executives will join Flutter’s board. This includes former Chair Dave Gadhia, who will become the company’s Deputy Chair. Meanwhile, former Stars CEO Rafi Ashkenazi will become a Non-Executive Director.
Also joining Flutter’s board will be ex-Sky Betting & Gaming CEO Richard Flint, as well as Alfred Hurley, David Lazzarato and Mary Turner.
Flutter’s enlarged share capital has been admitted to the premium listing of the Official List of the Financial Conduct Authority. Shares have also been added to the Official List of Euronext Dublin, while also trading on the London Stock Exchange and Euronext Dublin Market.
A vote was cast last month, in which 99.2% of Flutter’s share capital said that they support the merger. From TSG’s side, 99.9% of votes were in favour of the two companies joining together.
Flutter has also confirmed that all regulatory requirements have been fulfilled.
Joining the list of Flutter companies
Already the owner of Paddy Power Betfair, Flutter will now acquire a number of major operators that were under TSG’s umbrella. These include Sky Betting & Gaming, Fox Bet, PokerStars, BetEasy and Full Tilt.
Flutter is to continue with its existing federal operating model. Each entity will have some kind of independence, as opposed to having Flutter’s management determine their individual strategies.
To begin with, the combined business will be divided into five different reporting segments. These include TSG International (not counting current US operations), as well as Sky Betting & Gaming.