Flutter Entertainment PLC on Wednesday said it has acquired an initial 51% stake in Serbian omni-channel sports betting and gaming operator MaxBet for €141 million in cash.

The Paddy Power owner said it also has the opportunity to acquire the remaining 49% in MaxBet in 2029.

Flutter said MaxBet will provide it with the platform to access ‘fast-growing markets via a strong podium brand’, and to accelerate growth through expansion in the Balkans region by leveraging the benefits of the Flutter Edge.

The transaction is expected to close in the first quarter of 2024, Flutter said, subject to customary regulatory clearances.

‘I am excited to announce the addition of MaxBet to the Flutter portfolio. This acquisition continues our progress against the strategic priorities we have set for our International division; to buy and build podium positions in regulated markets,’ said Chief Executive Officer Peter Jackson.

‘We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy by acquiring a strong brand in a podium position, where we see a compelling opportunity to combine that extensive local expertise with the power of the Flutter Edge to accelerate and transform growth.’

Shares in Flutter were up 1.0% to 13,795 pence each in London on Wednesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.