Connect Yorkshire sponsor Flutter Entertainment, the sports betting group behind Paddy Power, Betfair and Sky Betting and Gaming, has acquired a majority stake in a Brazilian business in a multimillion-pound deal.
The listed group has completed the acquisition of an initial 56 per cent stake in NSX Group (NSX), the operator of the Betnacional brand, for cash consideration of approximately $350m.
Flutter expects the acquisition of NSX to contribute $220m of additional revenues and an adjusted EBITDA loss of $70m in 2025.
It aligns with the group’s strategy to invest in leadership positions in attractive international markets.
Peter Jackson, chief executive at Flutter Entertainment, said: “I am delighted to welcome NSX – the operator of leading Brazilian sports betting and iGaming brand, Betnacional – to the Flutter portfolio. The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value creating M&A.
“The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalize on the exciting runway of future growth in Brazil.”
Article via insidermedia.com
