The deal will increase its stake in the business from 57.8% to 95%.Flutter then intends to offer media giant Fox Sports the option to purchase 18.5% of the brand for fair market value in July 2021.

Flutter will pay $2.09bn to Fastball – a consortium of investors headed by venture capital giant KKR – in cash for its entire stake in the business, of which £1.1bn ($1.48bn) will be funded through an equity placement that has launched today.

The remainder of the deal will be paid through 11.7m Flutter shares valued at £133.50 ($178.46) apiece – Flutter’s share price when the market opened today.

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