Flutter Entertainment confirms shareholder backing for US listing
Since talks in February of listing the business in the US, Flutter received a 99.99% vote of approval at the AGM.
Following its appointment of John Bryant, FanDuel’s parent company Flutter has confirmed it will be listing the business in the US. Previously, Flutter’s primary listing was on the London Stock Exchange (LSE).
Back in February, the company’s Board of Directors revealed it was planning on operating a vote about listing the business in the US and, following its Annual General Meeting, Flutter has now disclosed it has won the support of investors and therefore will be pursuing a US listing.
To confirm the backing from its investors and to go ahead with the US listing, Flutter needed 75% of its stakeholders, either in person or via proxy, to have voted in favor of the decision. In the end, it got over 99%.
The growth of its brand FanDuel played a vital part in the company seeking a US listing for its stock. FanDuel has a 42% share of the US betting market and Flutter owns a 95% majority of FanDuel.
Further indicating its plans to list its stock in the US was the appointment of new Chair, Bryant; who also happens to be American with a large background at a high leadership level. Bryant will be appointed to the Nomination and Remuneration Committees of the Board, and will become Chair of the Nomination Committee on 1 September 2023.
The operator said it “anticipates the US-based operation becoming its largest business by revenue and an ever-greater proportion of its overall value.”
Flutter states that its existing primary listing on the London Stock Exchange is not expected to be impacted.
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