LONDON (dpa-AFX) - Flutter Entertainment (FLTR.L) said that it plans to conduct an equity raise of about 1.1 billion pounds through a non-pre-emptive placing of new ordinary shares of 0.09 euros each in the capital of the company to institutional investors.
As part of the placing, Fox Corp. has committed to invest further in Flutter.
Separately, Flutter has announced that it has entered into a conditional agreement to acquire the entire 37.2% interest in FanDuel Group Parent which is currently held by Fastball Holdings for US$4.175 billion or 3.131 billion pounds.
Upon completion of the transaction, Flutter will own 95% of FanDuel's issued share capital, with the remaining 5% continuing to be held by its existing co-shareholder Boyd Interactive Gaming LLC.
Flutter plans to fund the cash element of the purchase price through cash on balance sheet, and the net proceeds of the placing.
Copyright RTT News/dpa-AFX