Flutter Entertainment Agrees to Buy 51% Stake in Serbia's MaxBet for EUR141Mln

By Anthony O. Goriainoff

Flutter Entertainment said it has agreed to acquire an initial 51% stake in Serbia's MaxBet for 141 million euros ($149.1 million) in cash, and that it has the chance to buy the remaining 49% in 2029.

The FTSE 100 gambling and betting group--which houses the FanDuel, PokerStars and Paddy Power brands--said Wednesday that the transaction will give it a platform to access fast-growing markets via a strong podium brand.

It added that the deal--which is expected to be completed in the first quarter of 2024--also creates an opportunity to accelerate growth and deliver a gold medal position for Flutter through expansion in the Balkans region. It added that the Serbian omni-channel sports-betting and gaming operator had an estimated 20% online market share, more than 400 retail outlets across four markets, and 95,000 average monthly online players.

"This acquisition continues our progress against the strategic priorities we have set for our international division; to buy and build podium positions in regulated markets," Chief Executive Peter Jackson said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

September 27, 2023 02:34 ET (06:34 GMT)

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