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Flutter acquires Boyd Gaming's remaining 5pc stake in FanDuel
(Sharecast News) - Bookmaker Flutter has agreed to purchase Boyd Gaming's remaining 5% stake in FanDuel for roughly $1.76bn, giving it complete ownership of the US sports betting firm. The deal, which values FanDuel at approximately $31.0bn, comes as Flutter looks to strengthen its position in the fast-growing US online gambling market.
The London-listed group said on Friday that it will finance the acquisition with a $1.75bn bridge loan, and noted that the transaction was expected to close in Q325, pending regulatory approvals.
Chief executive Peter Jackson said: "Our acquisition of FanDuel in 2018 is one of the most transformational events in our group's history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming.
"I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100%. Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038."
As of 0840 BST, Flutter shares were down 0.33% at 21,250.0p.
Reporting by Iain Gilbert at Sharecast.com
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