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Paddy Power Betfair shareholders have backed the group’s proposition to rebrand as Flutter Entertainment.
Votes were cast during the group’s Annual General Meeting, with The Paddy Power Betfair chairman, Gary McGann, confirming that a 99.76 per cent majority of shareholders voting backed the move, which is expected to reflect the group’s growing brand portfolio.
Paddy Power Betfair set out plans to rebrand the business after announcing its financial results for 2018 back in March when it announced year-on-year revenue growth of 7% to €2.18 billion.
The group has recently strengthened its global portfolio 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 of almost €100 million. Last year in May, Paddy Power Betfair agreed to merge its Betfair U.S. division with fantasy sports operator FanDuel.
Shareholders also voted to approve all other measures set out at this week’s AGM, including the declaration of a final dividend for 2018 of 133 pence per ordinary share.
CEO Peter Jackson was cleared for re-election as a director, as were a number of other senior members of staff, such as chairman Gary McGann.
