Stars Group shareholders vote to approve Flutter deal
The Stars Group’s acquisition by Flutter Entertainment has been given the green light by its shareholders after they voted overwhelmingly in favour of the arrangement.
At a meeting, approximately 99.99% of votes from Stars Group shareholders supported the special resolution, which will see Flutter acquire all the operator’s issued and outstanding shares.
The approval follows shareholders in Flutter backing the deal last week, with 99.19% of its share capital voting in favour of the merger and just 0.81% against it.
The agreement for Flutter to acquire Stars Group was reached last October, to create a merged entity worth £3.8bn ($4.7bn), with Flutter holding 54.64% of the new combined business and Stars Group taking a 45.36% stake.
It is expected the merger will close in May, after the Competition and Markets Authority (CMA) cleared the deal at the end of March.
In February, Flutter and Stars Group posted combined total revenue of $5.28bn for full-year 2019. Flutter’s revenue increased 14% year-on-year to £2.14bn, while Stars Group saw revenue of $2.53bn, up 25%.