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The Stars Group combines with Flutter Entertainment in all share transaction to create world's largest online gaming company by revenue

May 2020

Client(s) Stars Group Inc., The

Jones Day advised The Stars Group Inc. ("TSG"), listed on Nasdaq and TSX, on an all-share combination with Flutter Entertainment plc ("Flutter"), listed on LSE, implemented through an acquisition of TSG by Flutter pursuant to a Canadian plan of arrangement (the "Combination"). Under the terms of the Combination, shareholders in TSG received shares in Flutter, and Flutter shareholders now own 54.64% and TSG shareholders own 45.36% of the share capital in the combined group. The terms of the transaction value TSG at approximately £4.95 billion, and the combined company at more than £11.0 billion. As part of the deal, Fox Sports has the right to buy 18% of FanDuel at its market value in 2021, and Flutter's other U.S. partners will receive equity in FoxBet.

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