Paddy Power and Poker Stars owners to create online gambling leader [Reuters (UK)]
THE STARS GROUP INC (TSG)
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Source: Reuters
Paddy Power and Poker Stars owners to create online gambling leader - Reuters 2 Min Read DUBLIN (Reuters) - The owners of Paddy Power Betfair and Poker Stars have agreed to merge in a all-share deal to create one of the world’s largest online betting and gambling companies, they said on Wednesday. Flutter Entertainment, formerly known as Paddy Power Betfair, said it would combine with Nasdaq- and Toronto-listed Stars Group Inc (TSG), owner of Poker Stars. Following the merger, shareholders of Flutter would own approximately 54.64% of the new company, with TSG shareholders owning approximately 45.36% of the share capital. Combined annual revenues would have totaled 3.8 billion pounds ($4.7 billion) in 2018, making it the largest online betting and gaming operator globally, the companies said. The merger is expected to deliver pretax cost synergies of 140 million pounds per year, along with opportunities to cross-sell products to one another’s customers in international markets and lowe
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