Flutter Entertainment Plc said it’s buying Fastball Holdings LLC’s stake in FanDuel for $4.2 billion to get almost full ownership of the fast-growing U.S. bookmaker. Flutter shares rose as much as 14% to a record high.
Flutter will pay $2.09 billion in cash and issue about 11.7 million new Flutter ordinary shares to Fastball under the conditional agreement, taking its stake in FanDuel to 95% from 57.8%, it said Thursday in a statement. The deal gives FanDuel an estimated enterprise value of $11.2 billion.
