Flutter Entertainment Plc is eyeing possible acquisitions beyond its main markets of the US, UK and Ireland this year, according to the head of its international division, an indication that the global gambling industry may consolidate further.
(Bloomberg) — Flutter Entertainment Plc is eyeing possible acquisitions beyond its main markets of the US, UK and Ireland this year, according to the head of its international division, an indication that the global gambling industry may consolidate further.
The gambling giant is looking for deals in markets in which it already operates, including India, Italy, Brazil and Canada, Flutter International Chief Executive Officer Dan Taylor said in an interview. It is also considering acquisitions in Africa, Latin America and eastern European countries it isn’t present in, he said.
“We would be hopeful to get something done this year,” Taylor said. “We continue to work on things and we have a very strong pipeline of things that are deliverable in 2023 and beyond.”
The Dublin-based company became a key international consolidator in the industry with its £1.7 billion ($2.1 billion) purchase of Sisal SpA in Italy last year. Other recent acquisitions include Adjarabet.com in Georgia and a controlling stake of India’s Junglee.
Flutter’s net debt at the end of last year rose to £4.64 billion, compared to £2.65 billion a year earlier, with the increase due to acquisitions in 2022.
Taylor’s division accounted for 22% of Flutter’s revenue in 2022, compared to just over one-third from its US business.
Flutter Secures Shareholder Backing for Additional US Listing
Shareholders vote Thursday at the group’s annual general meeting on a formal resolution to back an additional listing in the US, reflecting the growing importance of the North American market to the group.
Flutter has already secured enough backing to proceed with the plan, according to a person familiar with the matter, who asked not to be identified because the matter is not public.
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