15th Mar 2021 08:20
(Alliance News) - Flutter Entertainment PLC responded to a press report regarding the potential initial public offering of its US business FanDuel.
Shares in Flutter were 6.3% higher in London on Monday morning - the best performer in the FTSE 100 - at 16,790.00 pence each.
Flutter noted it "regularly evaluates" its organisational and capital structure in an attempt to best position itself.
A CNBC report late Friday said the betting giant is considering spinning out US sports betting subsidiary FanDuel as a separately traded company on a US stock exchange.
"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," the Paddy Power owner said.
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.
By Paul McGowan; [email protected]
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