Flutter Entertainment set for US listing following shareholder approval
Multi-brand operator to list on Nasdaq or NYSE by the end of the year after receiving backing from shareholders
Flutter Entertainment shareholders have overwhelmingly approved a secondary US listing of the company’s shares at the group’s AGM yesterday, 27 April.
The FTSE 100 firm confirmed 99.9% of shareholders backed the proposal, which will see the Paddy Power parent company list in the US in mid-to-late Q4 2023. The proposal needed the support of 75% of shareholders to pass.
Flutter said its shares would trade on either the New York Stock Exchange or the Nasdaq, with a decision to be made closer to the listing date.
The operator confirmed that it would continue to operate as an Irish incorporated public limited company, with its headquarters to stay in Dublin.
Flutter also noted the group would remain a resident in Ireland for tax purposes.
Touching on the possibility of vacating the London Stock Exchange, Flutter stated it would continue to be a constituent of the FTSE 100, subject to any “potential subsequent decision Flutter shareholders may make to seek a primary US listing”.
Flutter announced its plans for a secondary listing in February, when it began to consult its shareholders on the potential second listing, as the company looks to access deeper capital markets stateside.
On 27 March, the group confirmed it had received “very strong support” from shareholders in these initial discussions.
Flutter is looking to the US as its FanDuel brand continues to lead the sports betting market.
In actioning the secondary listing of its shares, Flutter also confirmed that a proposed IPO of FanDuel had been shelved.
Earlier this week, Flutter also announced the appointment of former Kellogg Company executive John Bryant as its new chair, replacing the outgoing Gary McGann.