SBC News Flutter begins 'new era' by completing merger with Stars Group

Flutter begins ‘new era’ by completing merger with Stars Group

A new FTSE100 gambling giant was formed this morning, as Flutter Entertainment Plc confirmed the outright completion of its $11 billion merger with The Stars Group Inc (TSG).  

Flutter has completed its six-month merger pursuit of TSG ‘on schedule’, securing all regulatory (Australia, UK and US) and shareholder approvals during the first half of 2020 trading. 

Updating its timetable, the Flutter-TSG combination has sanctioned a listing on the London Stock Exchange and Dublin Securities Market (secondary listing) on Tuesday 5 May (8 am).

Absorbing TSG assets, Flutter will deploy a new ‘organisational design’, ensuring that its localised portfolio maintains ‘autonomy to respond to changes’, while being able to benefit from the enlarged group’s wider resources.

Securing its news listing, an enlarged Flutter will be split into five reporting segments for the time being:

  • TSG International – PokerStars excluding US operations
  • PPB Legacy  (Paddy Power Betfair, Adjarabet, Paddy Power retail and B2B)
  • Sky Betting and Gaming assets (Sky Bet)
  • Sportsbet Australia
  • US Unit – FanDuel Group and TSG US operations

Post-2020, Flutter will form four core operating divisions, in which the company will merge TSG International with PPB ‘international’ assets.

Further operational changes will see Flutter create a new UK & IRE division combining Paddy Power assets with Sky Bet.

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. 

“Both businesses have a strong legacy of leadership when it comes to responsible gambling. As a combination, we are determined to deliver on our commitment to drive a race to the top when it comes to responsible gambling best practice across the sector. 

“As we approach a new era for the enlarged Flutter organisation, I wish to take this opportunity to acknowledge the huge contribution of Rafi Ashkenazi in creating the exceptional business that The Stars Group is today. He has been instrumental in transforming TSG from a single product operator to a diverse global leader with multiple product offerings. I know that his experience and expertise will bring valuable perspective to our Board as we bring our two businesses together.”

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