Paddy Power owner Flutter has taken complete ownership of US betting and gaming business FanDuel.
The London-listed gambling giant said it has purchased the remaining 5% of FanDuel it did not own from Boyd for 1.76 billion US dollars (£1.3 billion).
It now has 100% ownership of the business, which has rapidly grown in recent years on the back of easing sports betting rules in US states, after first investing in the firm in 2018.
The move values FanDuel at around 31 billion US dollars (£22.9 billion).
Flutter said the agreement will see FanDuel extend a strategic partnership with Nevada-based Boyd Gaming.
The deal is subject to “customary closing conditions”, such as regulatory, and is expected to close this quarter.
The firms said the deal will result in annual savings worth around 65 million dollars (£48 million) for the year from July 1.
Peter Jackson, chief executive of Flutter, said: “Our acquisition of FanDuel in 2018 is one of the most transformational events in our group’s history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming.
“I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100%.
“Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”
Shares in Flutter were 0.5% higher on Friday morning.
