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Flutter to pay $4.2 billion to increase FanDuel stake

MarketWatch logo MarketWatch 12/3/2020 Steve Goldstein
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MARKET PULSE

Flutter Entertainment said it's paying $4.2 billion to acquire 37% of FanDuel, the sports-betting and daily fantasy site, from Fastball. Flutter said the deal will take its Fanduel stake to 95% and materially increases its exposure to the U.S. market, "the most attractive sector opportunity today." Flutter said the deal will be combination of $2.09 billion in cash and the issue of approximately 11.7 million new Flutter ordinary shares directly to Fastball, which will then hold 7% of Flutter. Fox Corp. CEO Lachlan Murdoch said maintaining its ownership stake in Flutter signals its "ongoing confidence in management's ability to execute against the fast growing U.S. opportunity." Boyd Gaming will continue to hold 5% of Fanduel, and Flutter intends to offer to FOX Sports the option to purchase 18.5% of FanDuel at fair market value in July 2021.

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