5th Feb 2020 09:28
(Alliance News) - The UK's monopoly regulator on Wednesday said it is considering whether the merger between Flutter Entertainment PLC and Canada's Stars Group Inc will lead to a "substantial lessening" of competition.
The UK Competitions & Markets Authority said it is inviting comments until February 18.
Under the terms of the deal, announced in October, Stars shareholders will receive 0.2253 of a new Flutter share in exchange for each Stars Group share. Upon completion of the merger, Flutter shareholders would own 55% and Star Group shareholders 45% of the combined firm.
The more than GBP10 billion merged company will be based in Dublin, with a premium listing on the London Stock Exchange and a secondary listing on Euronext Dublin. Flutter Entertainment Chief Executive Officer Peter Jackson will lead the combined group.
Stars already has a presence in the UK gambling market through the Sky Bet brand, while Flutter owns Paddy Power and Betfair.
Toronto and New York-listed Stars also owns a host of other prominent brands, including PokerStars, BetStars, Full Tilt, BetEasy and Oddschecker.
Flutter shares were 0.9% higher at 8,674.00 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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