Flutter Entertainment and The Stars Group merge to create the world's largest online betting company
The companies said Wednesday that they had agreed on a merger with all shares to create the world's largest online gaming and gaming company. At Tuesday's closing price, the two companies were worth nearly $ 12 billion, according to Refinitive data.
The total group would have around four million active customers in more than 1[ads1]00 international markets, they said in a statement.
In addition to Paddy Power, Flutter owns fantasy sports brand FanDuel and Australia's Sportsbet.
The companies say that the global money market was worth around $ 450 billion in 2018, with online games accounting for about 11%.
"Flutter and TSG are confident that there is still a long runway with growth left for online and mobile gaming," they added.
The agreement will result in Flutter shareholders owning around 55% of the total entity, and TSG shareholders owning just over 45%.