Gambling’s merger between Flutter Entertainment Plc and The Stars Group Inc (TSG) has cleared up yet another hurdle, as TSG shareholders approved a new $11 billion company Friday afternoon.
TSG Governance stated by releasing a regulatory filing that regulatory investors had voted 99 percent in favour of closing the merger deal with Flutter.
TSG’s support for the deal follows Tuesday’s shareholder vote by Flutter, which saw investors in the FTSE100 betting company overwhelmingly approve of the partnership becoming the ‘outright leader across all market verticals’ in online gambling.
Under the terms of a combination of all-share, Flutter investors will take a 55% majority stake in the new company and TSG shareholders will obtain the remaining 45%.
Gaining UK and Australian regulatory barriers during Q1 trade, Flutter and TSG governances are expected to conclude the transaction prior to the anticipated timetable of the deal, gaining their intended transaction approval in the first half of 2020.
Transaction focus will now turn to trial in the US and Pennsylvania, evaluating the effect of the company combination on the evolving online wagering industry in the US.
Deal executives will step in the direction of Flutter Chairman Gary McGann to form a new 14-man board with TSG counterpart Divyesh Gadhia (TSG) assuming the position of Deputy Chair.
City investors are awaiting the publication of the latest merged merger prospectus for Flutter and TSG, which will determine the merged entity’s short- and long-term synergies as well as key business objectives.