Paddy Power owner's shares surge 10% as UK clears $6bn mega-deal

Paddy Power owner's shares surge 10% as UK clears $6bn mega-deal

Shares in Paddy Power owner Flutter Entertainment surged by almost 10% on the back of it winning UK regulatory approval for its proposed $6bn (€5.4bn) takeover of Canadian online betting business The Stars Group.

Flutter announced its takeover of Stars — which owns the likes of Sky Bet, Full Tilt Poker and PokerStars — in October.

The deal is now expected to complete ahead of schedule in the current quarter; having got the green light in the UK and partial approval in Australia – the two countries where the heaviest regulatory scrutiny was anticipated.

Completion of the deal is still reliant on regulatory approval in other countries — including from Ireland’s Competition and Consumer Protection Commission — and from both companies’ shareholders, with those investor votes due to take place later this month.

Flutter CEO Peter Jackson called the UK clearance “a further important milestone” towards completing the deal.

Flutter last week scrapped plans for a pro-rated dividend, based on the Stars deal, as well as a normal dividend based on its 2020 performance.

It also said it would look to pay its 2019 dividend in the form of shares, rather than cash, as it looks to manage its reserves in the face of Covid-19-driven industry uncertainty.

More on this topic

Shares in Paddy Power owner Flutter surge on €10bn mega dealShares in Paddy Power owner Flutter surge on €10bn mega deal

Paddy Power owner agrees tie-up with Canadian rivalPaddy Power owner agrees tie-up with Canadian rival

Paddy Power bets big on shop sale and lease planPaddy Power bets big on shop sale and lease plan

Union raises threat of strike action at Paddy PowerUnion raises threat of strike action at Paddy Power


More in this Section

Irish tourism expected to see 80% drop in business this year due to coronavirusIrish tourism expected to see 80% drop in business this year due to coronavirus

Cruises Are Coming Back. Here’s What They’ll Look LikeCruises Are Coming Back. Here’s What They’ll Look Like

ECB signals June stimulus ruling out swift recoveryECB signals June stimulus ruling out swift recovery

Trade union wants more negotiation over 'premature' Aer Lingus job cuts planTrade union wants more negotiation over 'premature' Aer Lingus job cuts plan


Lifestyle

Last week, I wrote about 'small is beautiful' as a key to an improved environment for all living things after this Covid crisis is finally over. As I wrote, I saw, in the mind's eye, the village where I live in west Cork and from which my wife and I are temporarily exiled.Damien Enright: Community spirit can ensure we pull through - together

Fifty years ago, a fox was spotted in Dublin’s St. Stephen’s Green. The unfortunate animal was chased by local ‘gurriers’. It took refuge in a tree but was promptly stoned to death.Richard Collins: Wildlife taking back the streets of our cities

The north pier on Cape Clear has been eerily quiet these last few months as no visitors disembark. The ferry is not unloading boatloads of tourists from Baltimore, 45 minutes away, or from Schull, as it would normally.The Islands of Ireland: Cape Clear tells its side of the story

If the Donegal postman and amateur weather forecaster has it right, we could be in for water shortages in the coming months. Michael Gallagher, who predicted the scorching summer of 2018 and the 2010 freeze-up, says we’ll have a ‘lovely’ summer.Donal Hickey: Demand for water to soar

More From The Irish Examiner