{"id":10078,"date":"2019-10-02T10:25:17","date_gmt":"2019-10-02T14:25:17","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=10078"},"modified":"2019-10-06T10:26:44","modified_gmt":"2019-10-06T14:26:44","slug":"paddy-power-agrees-merger-deal-with-canadian-rival","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=10078","title":{"rendered":"Paddy Power Agrees Merger Deal with Canadian Rival"},"content":{"rendered":"

\"\"Paddy Power and Betfair owner Flutter Entertainment has agreed a merger deal with Canadian rival The Stars Group to create the world\u2019s largest online betting firm with combined annual revenues of \u00a33.8 billion.<\/p>\n

Flutter \u2013 previously called Paddy Power Betfair \u2013 will own 54.6% of the merged firm, which will have its headquarters in Dublin and be listed on the London Stock Exchange as well as on Euronext Dublin.<\/p>\n

The tie-up \u2013 completed through a takeover of The Stars Group (TSG) by Flutter \u2013 will allow the two firms to make savings of \u00a3140 million a year, while there will also be potential revenue cross-sell in international markets and lower finance costs.<\/p>\n

Flutter chairman Gary McGann will become chairman of the combined group, while Flutter chief executive Peter Jackson will head up the firm in the same role.<\/p>\n

Rafi Ashkenazi, chief executive of TSG, will become chief operating officer of the combined group.<\/p>\n

If the deal is approved by shareholders of the two firms, it is expected to complete in the second or third quarter of next year.<\/p>\n

Following the transaction, Flutter said it will have customers in more than 100 international markets.<\/p>\n

Mr Jackson said the deal will \u201cturbocharge\u201d Flutter\u2019s growth strategy.<\/p>\n

Mr McGann added: \u201cThis is an exciting and transformational combination that will bring together two strong, complementary businesses to create a global leader in the fast-growing online sports betting and gaming industry.\u201d<\/p>\n

Mr Ashkenazi said the deal will \u201cposition us strongly for the future in this rapidly evolving industry\u201d.<\/p>\n

It comes amid a period of unprecedented change in the global betting industry, which has seen a raft of deals in recent years amid the rise in online gaming and regulation crackdowns.<\/p>\n

James Wheatcroft, an analyst at Jefferies, said it was a \u201ccompelling\u201d deal.<\/p>\n

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