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Stars Group to approve Flutter deals

by TelePokerAdmin

The Stars Group’s acquisition by Flutter Entertainment has been given the green light by its shareholders after they voted overwhelmingly in favour of the arrangement. At a meeting, approximately 99.99% of votes from Stars Group shareholders
supported the special resolution, which will see Flutter acquire all the operator’s issued and outstanding shares.

The approval follows shareholders in Flutter backing the deal last week, with 99.19% of its share capital voting in favour
of the merger and just 0.81% against it. Flutter’s shareholders also voted overwhelmingly to increase the maximum
number of directors allowed and approve the capitalisation of the operator’s merger reserve account balance.

The agreement for Flutter to acquire Stars Group was reached last October, to create a merged entity worth £3.8bn ($4.7bn), with Flutter holding 54.64% of the new combined business and Stars Group taking a 45.36% stake.

It’s expected the merger will close in May, after the Competition and Markets Authority (CMA) cleared the deal at the end of March. The regulator found the merger will not worsen the offering to online gamblers. In February, Flutter and Stars Group
posted combined total revenue of $5.28bn for full-year 2019. Flutter’s revenue increased 14% year-on-year to £2.14bn, while Stars Group saw revenue of $2.53bn, up 25%.

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