Paddy Power Betfair shareholders have backed the group’s proposition to rebrand as Flutter Entertainment, as confirmed as part of an annual general meeting for the operator.
The Paddy Power Betfair chairman, Gary McGann, has confirmed that a 99.8 per cent majority of shareholders voting by proxy backed the move to rebrand the group, as it seeks to reflect the group’s growing brand portfolio.
The notice of the annual general meeting for Paddy Power Betfair notes: “In Resolution 12, shareholders are being asked to pass a special resolution authorising the Company to change its name to Flutter Entertainment plc and amending the Memorandum and Articles of Association of the Company to reflect such change.
“We believe that the corporate name of the Group should be reflective of the broader business and not just specific brands operated by the Group. Therefore, we consider that this is the correct decision in the context of the Group operating a growing number of diverse brands and operations.”
The group has strengthened its global portfolio in recent months via a merger and acquisition drive. In February of this year, the group acquired a 51 per cent stake in Georgian operator Adjarabet for an initial cash consideration totalling £101m. While in May 2018, Paddy Power Betfair agreed to merge its Betfair U.S. division with fantasy sports operator FanDuel.
Paddy Power Betfair has previously stressed that its 2019 strategy will involve targeting a number of additional organic M&A opportunities across the world.