Flutter’s 37.2% Acquisition of FanDuel

Arthur Cox and Wachtell Lipton Rosen & Katz advised Flutter Entertainment plc, the leading global sports betting and gaming group, on its accelerated acquisition of 37.2% of FanDuel Group Parent LLC from Fastball Holdings LLC.

Flutter announced it has entered into a conditional agreement with a group of private equity investors to purchase an additional 37.2% stake in FanDuel for $4.18 billion (€3.44 billion) in a deal that values the U.S. sports betting and daily fantasy sports operator at $11.2 billion.

Flutter owns 57.8% of Fanduel, which the Irish gambling giant has been using to grow in the newly opened US market since it bought the stake in 2018.

Lachlan Murdoch, executive chairman of media giant Fox Corporation, pledged that the group, now a shareholder in Flutter, would back a €1.22 billion share issue by the Irish business to cover part of the deal’s cost.

Other investors include Google Ventures, the investment arm of Google parent Alphabet, Shamrock Capital, an LA-based firm which specialises in backing media and entertainment businesses, and broadcasting and telecoms giant Comcast.

The Arthur Cox team was led by Maura McLaughlin (Picture, Corporate and M&A) and included David Vos, Amy McDermott, Kate Hogan and Daire Cassidy (Corporate and M&A), and Caroline Devlin (Tax).

The Wachtell Lipton Rosen & Katz team was led by Igor Kirman and Victor Goldfeld.

Involved fees earner: Daire Cassidy – Arthur Cox; Caroline Devlin – Arthur Cox; Amy McDermott – Arthur Cox; Maura McLaughlin – Arthur Cox; David Vos – Arthur Cox; Victor Goldfeld – Wachtell, Lipton, Rosen & Katz; Igor Kirman – Wachtell, Lipton, Rosen & Katz;

Law Firms: Arthur Cox; Wachtell, Lipton, Rosen & Katz;

Clients: Flutter Entertainment plc (former Paddy Power Betfair);

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