Flutter announces board reshuffle
Andrew Higginson will step down as a director on Flutter’s board at the end of the year.
UK.- The FTSE-listed betting and gaming operator Flutter Entertainment has announced a board restructuring with Andrew Higginson to step down as a director at the end of the year. Higginson has served as a non-executive director for three years and was named chair of remuneration by Flutter in mid-2021.
Alfred F. Hurley Jr will take on the role of chair of the Remuneration Committee from September 1. Meanwhile, Carolan Lennon will be appointed as a member of the nomination committee from the same date. Holly Keller Koeppel has been named as senior independent director from January 1.
Flutter chair Gary McGann said: “I wish to take this opportunity to thank Andy for his exceptional contribution to the board. Since joining the board in 2019, Andy has provided Flutter with the benefit of his extensive business leadership experience which the company will continue to benefit from until the end of the year.”
Higginson was previously chairman of the major UK supermarket chair Wm Morrison Supermarkets. He is currently chairman of JD Sports Fashion and a non-executive director at Evergreen Garden Care and Warburtons.
Flutter completes acquisition of Sisal
Earlier this month, Flutter completed its acquisition of the Italian online gambling and lottery operator Sisal after receiving the necessary regulatory approvals. The Dublin-headquartered gambling giant had announced the €1.91bn deal in December.
Flutter says the acquisition forms part of a strategy to expand its leadership in regulated markets internationally. It funded the purchase using debt facilities arranged when it made its offer. They take Flutter’s anticipated average cost of debt for this half to around 3.4 per cent.
Sisal has run Italy’s national lottery, SuperEnalotto, since 1997. It also runs national lotteries in Morocco and Turkey, the latter being a joint venture with Demirören Holding. It also offers online betting and gaming in Italy and now also in Spain where it recently launched in partnership with Sportnco.
Sisal has reported strong results since Flutter agreed to acquire the company. Its first half revenue was up 58 per cent year-on-year at £402m. EBITDA rose 51 per cent to £120m.
