29th May 2020 08:41
(Alliance News) - Flutter Entertainment PLC on Friday said it has raised GBP812.6 million through the placing of 8.0 million shares at 10,100 pence each.
The placing price represents a 5% discount to Thursday's closing price of 10,600.00p each. The placing plan was announced after the market close on Thursday.
Shares in the FTSE 100 sports-betting and gaming company were trading 0.7% lower at 10,620.00p each on Friday morning in London, giving it a market capitalisation of GBP15.31 billion.
Goldman Sachs and J&E Davy were joint bookrunners.
Flutter said the new cash will be used to accelerate its US strategy. The company predicted that more US states could legalise new types of gambling as they pursue additional ways to raise tax income. The money will also go towards further investment in its newly acquired and reactivated customers and to help it de-leverage is balance sheet.
Following admission, the company will have 156.3 million shares in issue, so the new shares represent 5.1% of that.
By Ife Taiwo; [email protected]
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