15th Mar 2021 06:49
(Alliance News) - Flutter Entertainment PLC is considering spinning out US sports betting subsidiary FanDuel as a separately traded company on a US stock exchange, CNBC reported late Friday.
The London-listed bookmaker confirmed the television news report, according to several other media reports, saying in a statement: "Flutter regularly evaluates its organisational and capital structure to assess how best to position itself to deliver upon the group's strategy.
"Options including the listing in the US of a small shareholding in FanDuel are being considered but no decision has been made at this time. Should a decision be made to proceed with a listing in due course, an announcement will be made as appropriate."
CNBC said the stake held by Fox Sports in FanDuel is a complicating factor that may delay any spinout, citing people familiar with the matter. Flutter owns 95% of FanDuel. Fox Sports has a 2.5% stake in FanDuel with an option to buy an additional 19% in July.
https://www.cnbc.com/2021/03/12/flutter-considers-fanduel-spinout-investors-want-draftkings-multiple.html
By Tom Waite; thomaslwaite@alliancenews.com
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