FOR IMMEDIATE RELEASE
Flutter Entertainment announces
launch of first tranche of share repurchase program
New York, November 13, 2024: Flutter Entertainment (NYSE:FLUT;
LSE:FLTR), the world's leading online sports betting and iGaming
operator, announces that it has entered into non-discretionary
arrangements with Goldman Sachs & Co LLC to repurchase ordinary
shares on Flutter's behalf for an aggregate maximum consideration
of up to $350 million on the New York Stock Exchange (the
"Buyback").
The Buyback will commence November
14, 2024, on the New York Stock Exchange, and will end no later
than 31 March 2025. The purpose of the
Buyback is to reduce the share capital of Flutter.
This Buyback is the first
tranche of the share repurchase program of up to $5bn authorized by
the Board as announced on 25 September 2024.
Goldman Sachs & Co LLC
will conduct the Buyback on Flutter's behalf and
will make trading decisions under the Buyback independently of
Flutter in accordance with certain pre-set parameters. The maximum
number of ordinary shares which may be acquired pursuant to the
Buyback is 17,739,905.
The Buyback will be conducted within
the parameters prescribed by (i) Rule 10b5-1 and Rule 10b-18 under
the U.S. Securities Exchange Act of 1934, as amended and (ii) the
EU Market Abuse Regulation (596/2014) and Commission Delegated
Regulation (EU) 2016/1052 as such legislation forms part of law in
the United Kingdom pursuant to the EU (Withdrawal) Act 2018 (as may
be amended, extended and/or supplemented from time to time). The
repurchased ordinary shares will be cancelled.
Any decision in relation to the
amount and timing of any future buyback tranche will be based on an
ongoing assessment of the capital needs of the business and general
market conditions.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including with relation
to our share repurchase program. These statements reflect our
current expectations as to future events based on certain
assumptions and include any statement that does not directly relate
to any historical or current fact. In some cases, you can identify
these forward-looking statements by the use of words such as
"outlook", "believe(s)", "expect(s)", "potential", "continue(s)",
"may", "will", "should", "could", "would", "seek(s)", "predict(s)",
"intend(s)", "trends", "plan(s)", "estimate(s)", "anticipates",
"projection", "goal", "target", "aspire", "will likely result", and
or the negative version of these words or other comparable words of
a future or forward-looking nature. Such forward-looking statements
are subject to various risks and uncertainties. Accordingly, there
are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. Factors that could cause the Company's results to
differ materially from those described in the forward-looking
statements can be found in Part I, "Item 1A. Risk Factors" of the
Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2023 as filed with the Securities and
Exchange Commission (SEC) and other periodic filings with the SEC,
which are accessible on the SEC's website at www.sec.gov.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. These factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in the Company's
filings with the SEC. The Company undertakes no obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law.
About Flutter Entertainment plc
Flutter is the world's leading
online sports betting and iGaming operator, with a market leading
position in the US and across the world. Our ambition is to
leverage our significant scale and our challenger mindset to change
our industry for the better. By Changing the Game, we believe we
can deliver long-term growth while promoting a positive,
sustainable future for all our stakeholders. We are well-placed to
do so through the distinctive, global advantages of the Flutter
Edge, which gives our brands access to group-wide benefits to stay
ahead of the competition, as well as our clear vision for
sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio
of leading online sports betting and iGaming brands including
FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy
Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and
Adjarabet. We are the industry leader with $11,790m of revenue
globally for fiscal 2023, up 25% YoY, and $3,248m of revenue
globally for the quarter ended September 30, 2024.
The person responsible for arranging
release of this Announcement on behalf of Flutter is Edward
Traynor, Company Secretary of Flutter.
For further information on the
Announcement, please contact:
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Investor Relations:
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Media Relations:
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Email:
investorrelations@flutter.com
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Email: corporatecomms@flutter.com
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