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Shareholders of Flutter Entertainment have voted to approve merging with The Stars Group to form the largest internet betting group in the world.
99.2% of shareholders voted in favor of the deal, with only 0.8% voting against, and various other measures were also approved to help facilitate the deal. New shares will be allotted to shareholders of TSG, and the maximum number of directors allowed will also be upped. The two companies will have an annual revenue stream of £3.8 billion, and Flutter will exchange 0.2253 shares for each share of TSG. Flutter shareholders will own 54.64% of the new company, with TSG shareholders owning 45.36%.
The merger is subject to various approvals, as TSG's shareholders will vote on the merger later this week, and different regulators will have to vote in favor as well.
We'll be updating readers as the deal develops.