Paddy Power owner Flutter planning to move primary listing to US

29th Jan 2024 15:46

(Sharecast News) - Paddy Power owner Flutter Entertainment said on Monday that it plans to move its primary listing to the US, as it began trading on the New York Stock Exchange.

The company said that since February 2023, when it announced that it would be listing on the NYSE, management has engaged widely with US investors, existing and potential, along with existing shareholders globally.

"The feedback received has been very supportive of moving Flutter's primary listing to the US," it said.

As a result, the board believes the NYSE is now "the optimal location" for Flutter's primary listing of its shares, and that the transition should be made "as soon as practicable".

The proposal will be put to shareholders at the annual meeting on 1 May.

Chief executive Peter Jackson said: "With our NYSE listing effective today, this is a pivotal moment for the group as we make Flutter more accessible to US based investors and gain access to deeper capital markets.

"We believe a US primary listing is the natural home for Flutter given Fanduel's #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future."

Following the transition, Flutter plans to keep its UK listing as a secondary listing. This will ensure the greatest number of investors will be able to continue to hold Flutter shares and benefit from future value creation, it said.

Flutter also owns PokerStars and Betfair.