DUBLIN (dpa-AFX) - Flutter Entertainment plc (FLUT), a leading online sports betting and iGaming operator, has engaged Goldman Sachs & Co. LLC to repurchase up to $300 million worth of ordinary shares on the New York Stock Exchange as part of its ongoing share buyback program.
The buyback, set to begin on April 1, 2025, and conclude by June 30, 2025, aims to reduce Flutter's share capital. This initiative marks the second phase of a multi-year repurchase program worth up to $5 billion, with the company planning to return approximately $1 billion to shareholders in 2025.
Goldman Sachs will independently execute the buyback within pre-set parameters. The maximum number of shares eligible for repurchase is 17,739,905, minus shares acquired in the first tranche announced on November 13, 2024. The process will comply with U.S. and U.K. regulatory frameworks, and all repurchased shares will be canceled.
Future buyback tranches will be determined based on the company's capital requirements and market conditions.
Wednesday, FLUT closed at $270.23, up 1.53%, but is currently trading at $268, down 2.23% in after-hours trading on the NYSE.
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