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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Fox Corporation    FOXA


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Gambling group Flutter raises 812 million pounds in share placement

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05/29/2020 | 03:07am EDT
Betfair logo is seen behind a keyboard, gambling dice and chips in this illustration taken in Sarajevo

Paddy Power, Betfair and Poker Stars owner Flutter Entertainment has raised 812 million pounds via a share placement that will see U.S. media group Fox Corp increase its investment in the world's largest online betting group.

Flutter said on Thursday that the 8 million new shares would be placed with institutional investors via an accelerated book build to speed up growth in the fast growing U.S. market and finance cost savings arising out of the coronavirus crisis.

The placement came three weeks after Flutter completed its $6 billion merger with Stars Group Inc (TSG) that also added the Sky Bet brand to the group.

The Irish betting group said on Friday that it was pleased by the strong support it had received from new and existing shareholders in the placing, without giving details.

Flutter said in its statement on Thursday that Fox, which bought a 4.99% stake in Stars in May last year for $236 million, would increase its investment in Flutter as part of the placement but did not say how many shares it was acquiring.

Flutter said on Thursday that its revenue in the second quarter so far has increased by 10% from a year earlier, despite widespread ongoing disruption to global sports.

(Reporting by Padraic Halpin; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.09% 22.72 Delayed Quote.313.09%
FLUTTER ENTERTAINMENT PLC 0.07% 140.05 Delayed Quote.31.42%
FOX CORPORATION -1.38% 27.08 Delayed Quote.-26.95%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
LINE CORPORATION 0.19% 5370 End-of-day quote.0.37%
THE GLOBAL LTD. -0.92% 216 End-of-day quote.-54.14%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
WORLD CO., LTD. 1.31% 1397 End-of-day quote.-48.09%
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Financials (USD)
Sales 2021 12 021 M - -
Net income 2021 1 164 M - -
Net Debt 2021 2 833 M - -
P/E ratio 2021 13,9x
Yield 2021 1,85%
Capitalization 16 134 M 16 134 M -
EV / Sales 2021 1,58x
EV / Sales 2022 1,48x
Nbr of Employees 9 000
Free-Float 81,6%
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Technical analysis trends FOX CORPORATION
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Average target price 29,55 $
Last Close Price 27,08 $
Spread / Highest target 44,0%
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Lachlan Keith Murdoch Co-Chairman & Chief Executive Officer
Keith Rupert Murdoch Co-Chairman
John P. Nallen Chief Operating Officer
Steven Silvester Tomsic Chief Financial Officer
Paul Cheesbrough Chief Technology Officer & President-Digital
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