4th Dec 2020 09:27
(Alliance News) - Flutter Entertainment PLC on Friday said it completed it placing to raise GBP1.1 billion, which will go towards partly funding the acquisition of a further stake in FanDuel for USD4.18 billion.
The FTSE 100 owner of Paddy Power issued 8.0 million shares at a price of 14,000 pence per share, reflecting a discount of 2.1% to Flutter's closing price on Thursday of 14,300p.
Shares in Flutter were up 1.5% at 14,519.90 pence on Friday in London.
Goldman Sachs International and Davy acted as joint global coordinators and bookrunners.
On Thursday, Flutter said it had entered an agreement with Fastball Holdings LLC to acquire the latter's 28% stake in FanDuel for USD4.18 billion, which will raise Flutter's stake in the fantasy sports, casino and horse racing business to 95% from 59%.
The purchase "materially increases exposure to US market", Flutter said on Thursday, "the most attractive sector opportunity today".
The USD4.18 billion deal is USD2.09 billion in cash and the issue of 11.7 million Flutter shares to Fastball.
Following the issue, Flutter Entertainment will have 165.1 million shares issued overall.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Flutter Entertainment