Flutter Entertainment Announces Launch of Share Repurchase Program

Flutter Entertainment plc, a prominent name in the online sports betting and iGaming sector, has recently declared the initiation of the first tranche of its share repurchase program. The announcement, released via the Regulatory News Service in London on November 13, 2024, highlighted the details of this significant move aimed at reducing the company’s share capital.

The share repurchase program, as outlined in the RNS Announcement, involves non-discretionary arrangements with Goldman Sachs & Co LLC. This initiative entails the repurchase of ordinary shares on behalf of Flutter Entertainment for a total consideration of up to $350 million on the New York Stock Exchange. The program is set to commence on November 14, 2024, and will conclude no later than March 31, 2025.

This buyback represents the initial stage of a broader share repurchase program authorized by the Board in September 2024, with a total value of up to $5 billion. Goldman Sachs & Co LLC will carry out the buyback independently of Flutter Entertainment, adhering to predetermined parameters. The maximum number of ordinary shares that may be repurchased under this program is 17,739,905, with a plan to cancel the repurchased shares upon completion.

The execution of this buyback will align with the stipulations set forth by Rule 10b5-1 and Rule 10b-18 of the U.S. Securities Exchange Act of 1934, along with the European Union Market Abuse Regulation (596/2014) and Commission Delegated Regulation (EU) 2016/1052. Any future buyback tranches will be assessed based on the company’s capital requirements and prevailing market conditions.

Flutter Entertainment’s strategic decision regarding the share repurchase program reflects its commitment to enhancing shareholder value while optimizing its capital structure. By pursuing initiatives like these, the company aims to fortify its financial position amidst evolving market dynamics.

Investors and industry analysts are closely monitoring Flutter Entertainment’s share repurchase program as it unfolds and contributes to the company’s long-term strategic vision. The firm reassures stakeholders that it will uphold transparency and compliance throughout the execution of this crucial initiative.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flutter Entertainment’s 8K filing here.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.