Flutter Entertainment Greenlights Historic Shift to New York Stock Exchange

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In exciting news for Wall Street, gaming giant Flutter Entertainment (NYSE: FLUT) has seized the green light from its stakeholders, approving the substantial plan to shift its primary listing from the London Stock Exchange to the illustrious New York Stock Exchange. This decisive move came about during the company’s annual meeting held on Wednesday, further emphasizing the continually growing dominance of Wall Street over its London counterpart.

Witnessing the shares of FanDuel’s parent company, Flutter, trading in the Big Apple since late January has been a noteworthy spectacle. This followed an interruption of the company’s Euronext listing. Despite this international presence, the Dublin-rooted company stuck to its primary listing in London. Peter Jackson, the CEO of Flutter, quenched shareholders’ yearning for clarification last month, stating that they would finally settle the debate of relocating the primary listing at the company’s annual meeting.

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In yesterday’s press briefing, a triumphant Jackson expressed his anticipation, “We now anticipate that by the month’s end, we will shift our prime listing to the New York Stock Exchange.” He did not hesitate to mention his view of America as Flutter’s “natural home.”

It was not a hasty proclamation when Flutter unveiled its resolution to emplace its shares in New York. They justified the move with reasons such as augmented liquidity, amplified access to capital and an opportunity to diversify their investor base, predicting an influx of new investments from a broader demographic. Flutter is not a stranger to the American landscape; FanDuel stands tall as the most extensive online sportsbook operator in the country. This strategic move aims to capitalize on Flutter’s rapidly growing US-based profitability and revenue, which is the company’s fastest expanding portfolio component.

The pursuit of primary listings in the US by foreign companies such as Flutter breaks open doors to potential incorporation into prominently acknowledged US equity benchmarks like the S&P 500. Given Flutter’s market cap and profitability metrics, it stands a chance for inclusion in some of the country’s leading domestic equity indexes if it successfully relocates its primary listing to the NYSE.

The historic decision was nearly unanimous, with a resounding 98% of Flutter’s shareholders approving the plan during the annual group meeting. This monumental shift in listing status could take place before the month closes, leaving an undeniable mark on the landscape of global stock exchanges.

This definitive move by Flutter strikes another blow to the London Stock Exchange. The company joins a rising wave of corporations that previously named the LSE as their primary listing venue, only to switch their allegiance to New York. In the prior year, Arm Holdings, a well-established UK-based chip giant, shunned London and decided to go public in New York. Other significant UK firms such as building materials titan CRH followed suit, with travel industry leader Tui joining the fray earlier this year. Several other corporations currently listing LSE as their primary venue are also evaluating potential moves to the NYSE.

In what could be the most significant London-to-New York primary listing move in recent history, potentially dealing a devastating blow to the LSE, is the looming decision from global integrated oil titan Shell. Word on the street is, Shell CEO Wael Sawan has expressed dissatisfaction at trading at considerable discounts to US-based rivals like Chevron and Exxon. As a result, the oil juggernaut is looking at strategic options, including potentially relocating its main share listing to New York.