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Paddy Power Owner’s Stars Deal Creates Global Gaming Giant (2)

Oct. 2, 2019, 1:53 PM

Flutter Entertainment Plc is buying The Stars Group Inc. in a $6 billion all-share deal to create the world’s biggest online gaming group and take advantage of opportunities in the U.S. after the Supreme Court legalized sports betting.

Flutter, headquartered in Dublin, said in a statement it has offered 0.2253 of its shares in exchange for each Stars share. The Toronto-based target owns the American PokerStars brand, has partnerships with casinos including Reno, Nevada’s Eldorado Resorts Inc., and recently signed a deal with Fox Sports.

While Flutter has a U.S. presence -- it owns the FanDuel fantasy sports site ...