Paddy Power owner Flutter Entertainment confirmed on Friday that it had successfully placed eight million new shares in the company to raise €1.2 billion to help pay for its Fanduel buy-out deal.
Flutter said this week that it has agreed to buy minority shareholder, Fastball Holdings, out of the Irish betting giant’s US business, Fanduel, to bring its tsake in the business up to 95 per cent, for $4.175 billion (€3.4 billion).
The Dublin-headquartered company confirmed that a share placing announced on Thursday to raise £1.1 billion (€1.22 billion) sterling was successfully completed.
Goldman Sachs and Irish brokers Davy placed around eight million shares in the company at 14,000 pence sterling and €155.44 each, Flutter said.
Flutter will pay the balance of the Fanduel purchase price by issuing new shares to Fastball’s backers, including US private equity player, KKR, Google Ventures, California-based investor Shamrock and telecoms giant Comcast.
Shareholders must approve the Fanduel deal at an extraordinary general meeting later this month.