Flutter Entertainment - EGM 29 Décember 2020
Flutter proposes to approve an accelerated acquisition of 37.2% stake in FanDuel, currently held by Fastball, for $4,175m (£3,131m). The consideration will be paid $2.09bn in cash and the balance by the issue of 11,747,205 new ordinary shares for
£133.5 per share. Following the acquisition, Flutter will own 95% of FanDuel and the balance of 5% will continue to be held by Boyd. The deal estimates FanDuel at an enterprise value of $11.2 billion.
We regret that Flutter has not provided sufficient information to assess the fairness of the price and the financial interest of the transaction. However, we consider that the US betting and gaming market offers good growth opportunities. Flutter has invested substantial amounts and will continue to invest and support this fast-growing company despite the current negative income. We see no reason not to support the Flutter Board decision to acquire a higher stake in FanDuel.
Paddy Power Betfair is a sports betting and gaming operator. Co. operates four sports betting and gaming brands: Paddy Power, Betfair, Sportsbet, and TVG. In addition, Co. operates across four operating divisions: Online, which is an online sports betting operator in the U.K. and Ireland; Australian, which is known as Sportsbet and is focused on sports betting, with products and marketing around national sports events; Retail, which operates Paddy Power betting shops across the U.K. and Ireland; and U.S., which consists of TVG, a horseracing TV channel and online pari-mutuel wagering operator active in over 30 states, and Betfair, an online casino and horse-racing Exchange in New Jersey.
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