Flutter, the leading global sports betting and gaming group, has entered into a conditional agreement to acquire the entire 37.2 per cent interest in FanDuel which is currently held by Fastball for US$4.175bn.
The transaction is conditional on Flutter shareholder approval. A circular will be posted to shareholders in due course to convene an extraordinary general meeting, which is expected to take place prior to the end of December 2020.
Commenting on the transaction, Peter Jackson, Flutter chief executive, said: "Flutter's initial acquisition of a controlling stake in FanDuel in 2018 has been transformational for the shape of the group.
"Our number one position in the crucial US market is built on many of the assets we acquired through that transaction, supported by the broader group's capabilities.
"Our intention has always been to increase our stake in the business and I'm delighted to be able to do so earlier than originally planned and at a discount to its closest peer.
"I would like to take this opportunity to thank our partners in Fastball for their tremendous support over the last two-and-a-half years and for their ongoing commitment to Flutter as soon-to-be shareholders in the wider group.
"We look forward to continuing to grow our US business, alongside our key media partner Fox Corporation, as further states move to regulate sports betting and gaming."
