The owners of gambling groups Paddy Power and PokerStars agreed to combine on Wednesday, October 2, in a cross-border deal to create a UK company worth about £10 billion (US$12.3 billion) and with annual revenues of £3.8 billion billion (US$4.7 billion), reported Bloomberg.
Flutter, the parent company of PaddyPower Betfair, will buy Canada’s Stars Group in an all-share deal that will create the largest online betting operator in the world by revenue.
The move comes after a months-long pursuit of the Canadian company by Flutter chief executive Peter Jackson, who must now navigate complex antitrust hurdles in the UK and Australia to complete the deal.
According to Bloomberg, the bid has been triggered by the opening up of the sports betting market in the US. That’s an opportunity for Flutter to apply its skills to a much larger territory.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI