Flutter shareholders approve merger bid with The Stars Group

Flutter Entertainment, the parent company of Paddy Power and Betfair, was green-lighted by its shareholders to go ahead with its plans to create the world’s biggest online betting company via a merger with The Stars Group (TSG).

On Tuesday, Flutter governance confirmed in a release that following the conclusion of its extraordinary general meeting, group investors backed the Flutter-TSG combination by 99% (49,123,486 shares).

The merger, which seeks to create a new $11 billion global gambling conglomerate, awaits its final shareholder vote by TSG investors, which will take place on Friday 24 April. 

Leading the bid, Flutter maintains its corporate schedule in seeking to complete the deal by the second half of 2020. The merger transaction has already received needed regulatory clearance from both the UK Competition and Markets Authority and the Australian Competition and Consumer Commission, secured during Q1 trading.

Last month, deal stakeholders published a corporate update related to the governance structure of the business, which will be overseen by Flutter Chairman Gary McGann with TSG counterpart Divyesh Gadhi serving as Deputy Chairman.

Flutter Group CEO Peter Jackson will lead the merged enterprise, supported by a new corporate leadership team formed by an equal share of Flutter and TSG executives.