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Dec. 3, 2020, 7:52 a.m. EST

Flutter to pay $4.2 billion to increase FanDuel stake

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By Steve Goldstein

Flutter Entertainment /zigman2/quotes/208882914/delayed UK:FLTR -1.00% said it's paying $4.2 billion to acquire 37% of FanDuel, the sports-betting and daily fantasy site, from Fastball. Flutter said the deal will take its Fanduel stake to 95% and materially increases its exposure to the U.S. market, "the most attractive sector opportunity today." Flutter said the deal will be combination of $2.09 billion in cash and the issue of approximately 11.7 million new Flutter ordinary shares directly to Fastball, which will then hold 7% of Flutter. Fox Corp. CEO Lachlan Murdoch said maintaining its ownership stake in Flutter signals its "ongoing confidence in management's ability to execute against the fast growing U.S. opportunity." Boyd Gaming /zigman2/quotes/206215159/composite BYD +0.56% will continue to hold 5% of Fanduel, and Flutter intends to offer to FOX Sports the option to purchase 18.5% of FanDuel at fair market value in July 2021.

/zigman2/quotes/208882914/delayed
UK : U.K.: London
14,355.00 p
-145.00 -1.00%
Volume: 129,801
Jan. 22, 2021 4:35p
P/E Ratio
141.85
Dividend Yield
0.00%
Market Cap
£25.12 billion
Rev. per Employee
£233,803
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/zigman2/quotes/206215159/composite
US : U.S.: NYSE
$ 50.09
+0.28 +0.56%
Volume: 723,659
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$5.59 billion
Rev. per Employee
$136,877
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