Island law firm Cains played an important role in the corporate merger that created the world’s largest online gaming group.
The Fort Anne, Douglas, based organisation advised The Stars Group (TSG), parent company of PokerStars, in respect of joining up with Flutter Entertainment.
The merger was first proposed in October 2019 and created the biggest online gaming company in the world with a $12.2 billion(more than £10million) valuation.
The new combinations’ shares were admitted to the premium listing of the Official List of the Financial Conduct Authority on May 5, and were also admitted to the Official List of Euronext Dublin. They are traded on the London Stock Exchange’s Main Market for listed securities and the Euronext Dublin Market.
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As well as PokerStars in the island, the Stars Group’s business includes a number of major brands including Sky Betting and Gaming, PokerStars, Full Tilt, Fox Bet and BetEasy. All of these brands will form part of the combined business. The merger brings with it an estimated active customer base in excess of 13 million customers between Flutter and TSG reaching across more than 100 international markets including the Isle of Man.
The Cains team acting as lead Isle of Man counsel to the TSG was led by corporate director Scott Leonard-Morgan with support from associate Kirsten Middleton.
Mr Leonard-Morgan, director of Cains, said: ‘We are thrilled to have had the opportunity to assist The Stars Group in this large merger with Flutter.
‘Our team has an exceptional reputation for mergers and acquisitions transactions and to have been able to advise on such a significant transaction demonstrates the recognition of our strength and expertise.’