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Flutter Entertainment PLC on Thursday said it has completed the acquisition of an initial 56% stake in NSX Group, a Brazilian operator of the Betnacional brand.
The New York-based betting operator announced the $350 million cash deal last September.
Flutter expects that the acquisition of NSX will contribute $220 million additional revenues and an adjusted earnings before interest, taxes, depreciation and amortisation loss of $70 million in 2025.
Chief Executive Peter Jackson said the deal ‘aligns perfectly with our strategy for value creating M&A.’
‘The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalise on the exciting runway of future growth in Brazil,’ Jackson added.
As part of the deal, a mechanism has been put in place to enable Flutter to increase its shareholding through reciprocal put/call arrangements in year five and year ten following completion.
Flutter noted the Brazilian online sports betting and iGaming market has highly attractive characteristics, including a population of over 200 million, with sports, and soccer in particular, being a key part of its culture.
Shares in Flutter Entertainment were up 0.2% at 18.640.00 pence each in London on Thursday.
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