- Flutter Entertainment acquires 56% of Brazilian operator NSX Group for $350m, creating Flutter Brazil.
Fri Sep 13 05:12:44 -0000 2024 UTC– Flutter Entertainment plc, leading online sports betting and iGaming conglomerate, announced the creation of a new business in Brazil by acquiring a 56% stake in NSX Group, a prominent Brazilian operator, for $350 million.
Launched in 2021, NSX catpured already 12% of the Brazilian market, Flutter said.
Due to fully regulate its online sports betting and iGaming market, Brazil is an attractive bet, Flutter said, highlighting incoming positive regulations in 2025. With a population of over 200 million sports, and soccer in particular, are a key part of Brazilian culture.
Deal Details
On completion, Flutter will pay a cash consideration of approximately $350 Million. It will also contribute its existing Betfair Brazil business, in return for a 56% stake in the newly combined Flutter Brazil business. A mechanism has been put in place to enable Flutter to increase its shareholding through reciprocal put/call arrangements in year five and year ten following the completion date.