The mega merger between Flutter Entertainment, parent company of Paddy Power Betfair, and Sky Bet operator progresses.
UK.- The Competition and Markets Authority (CMA) has given its approval to the proposed merger between Flutter Entertainment, the parent company of Paddy Power Betfair, and Sky Bet operator, The Stars Group (TSG).
The proposed transaction, which will see Flutter acquire all of the shares in TSG to create a combined business with annual revenue of £3.8billion (€4.3 billion), is still subject to approval by Flutter shareholders at its extraordinary general meeting on 21 April, as well as TSG shareholders at a vote on 24 April.
While the CMA granted “unconditional phase one clearance” to the proposal, the merger is also conditional on approval from a number of other regulatory bodies, some of whom have warned that the process could be delayed due to the global oCoronavirus pandemic.
Among the organisations yet to give clearance to the proposed merger are the UK Financial Conduct Authority, London Stock Exchange and Euronext Dublin.
“This morning’s announcement from the CMA marks a further important milestone in the process towards completion of our proposed combination with The Stars Group,” Flutter Chief Executive, Peter Jackson, said.
“We continue to work with the remaining international regulatory authorities to obtain the last of the outstanding approvals. Separately, last week we published the necessary documentation ahead of the shareholder votes in April and we continue to make good progress in our post-completion planning.”