Flutter Entertainment has begun trading on the New York Stock Exchange as it looks to enhance its presence in the US, revealing plans to transition its primary listing to the NYSE.
The group said the listing will also better enable the recruitment and retention of US talent.
Flutter said that feedback with US investors and global shareholders points to the NYSE being the “optimal location” for the company’s primary listing of its shares.
It said it wants the transition to be made “as soon as practicable.”
“This proposal will be put to shareholders as a Special Resolution at the 2024 AGM on May 1 2024,” Flutter said.
“Subject to shareholder approval, the transition is expected to become effective in late Q2/early Q3.
“Following transition, the board intends to retain Flutter's UK listing as a secondary listing and believes this will ensure the greatest number of investors will be able to continue to hold Flutter shares and benefit from future value creation. Further details will be communicated in due course ahead of the AGM.”
Flutter CEO Peter Jackson said: “With our NYSE listing effective today [Monday], this is a pivotal moment for the group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets.
“We believe a US primary listing is the natural home for Flutter given FanDuel's number one position in the US, a market which we expect to contribute the largest proportion of profits in the near future."
