The Stars Group Inc (NASDAQ: TSG) been on an uptrend since April and on Friday, it edged higher by 4.11%. This came after the company announced that it expected to complete its combination with Flutter Entertainment PLC on the 5th of May. The company added that the deal would be subject to customary closing conditions. Under the deal, the Stars Group’s shareholders will get 0.2253 Flutter Ordinary shares for each common stock held.
Commenting on the deal, the company’s executive Chairman Dave Gadhia stated that, they were happy with the approval they received from shareholders a week earlier. He also thanked the regulators for approving the deal. He added that they were excited with the potential that came with combining the two entities. He stated that by combining the two companies, they will create an entity that has worldwide leadership in online betting. He further stated that the new entity would bring together a group of globally trusted brands, complementary products that are best in their class, and more diversified revenues, among other benefits. Mr. Gadhia also stated that he was thankful to shareholders and all of the staff, customers, and business partners for supporting the company’s vision. He concluded by thanking the board for showing a high-level of dedication in guiding the company as it seeks growth.
The completion of the deal comes just a week after the company shareholder approved it with 99.99% of the shares voting in favor. Since shareholders approved the deal, TSG has gained upside momentum and opened with a gap-up twice. In Friday’s session, the stock opened at $27.81, and traded between a low of $27.59 and a high of $29.35, before closing the day at $29.11. Volumes in the day stood at 11.53 million.
About The Stars Group Inc
The Stars Group Inc is an online gaming company. It is based in Toronto, Canada.