Stars Group shareholders approve Flutter merger
Shareholders in The Stars Group (TSG) have overwhelmingly voted in favour of the operator’s proposed acquisition by Flutter Entertainment.
Approximately 99.99% of votes cast at a meeting last week were in support of the mega-merger agreement, through which Flutter will acquire all of the issued and outstanding common shares of TSG.
The approval comes after shareholders in Flutter, operator of the Paddy Power Betfair business, last week also backed the deal. Shareholders holding 99.2% of its share capital voted in favour of the merger, with only 0.81% voting against.
As a result of the latest shareholder approval, Flutter and TSG said they expect the acquisition deal to close in May.
First announced in October 2019, the deal would see Flutter exchange 0.2253 new shares in exchange for each TSG share, with Flutter stockholders owning around 54.64% of shares in the combined business and TSG investors the remaining 45.36%.
In March, UK’s Competition and Markets Authority gave its approval to the merger, having launched an investigation into the proposed combination in February.