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Flutter Accelerates U.S. Push With $4.2 Billion FanDuel Deal (1)

Dec. 3, 2020, 1:57 PM

Flutter Entertainment Plc said it’s buying Fastball’s stake in FanDuel for $4.2 billion, giving the Dublin-based gambling company almost full control of its U.S. affiliate. Flutter shares rose as much as 14% in London to a record high.

Flutter agreed to pay $2.09 billion in cash and issue about 11.7 million new Flutter ordinary shares to Fastball under the conditional agreement, taking its stake in the U.S. bookmaker to 95% from 57.8%, it said Thursday in a statement.

Flutter, formerly known as Paddy Power, has leapfrogged competitors like GVC Holdings Plc in market value after it completed its acquisition ...