The epic merger proposed between Flutter Entertainment, the parent company of Paddy Power Betfair, and The Stars Group (TSG) has received approval from the Australian Competition and Consumer Commission (ACCC).
As a reminder…
… last October Flutter came to an agreement to acquire all of the shares in TSG in order to establish with the PokerStars operator a combined business. The latter would have a diversified geographical distribution and an extensive range of products covering sports betting, poker, casino, fantasy sports, as well as free-to-play games.
The company pointed out that the deal would produce the largest online betting and gaming operator in the world. Arranged in that way, Flutter shareholders own approx. 54.64% of shares in the business, with TSG shareholders possessing 45.36%, the agreement sets up the entity with the estimated annual revenue of £3.8bn (€4.6bn/$4.9bn).