Flutter Investors Approve Primary Listing Move to NYSE

Flutter Entertainment (NYSE: FLUT) shareholders on Wednesday approved the gaming company’s plan to move its primary listing to the New York Stock Exchange (NYSE) from the London Stock Exchange (LSE).

Shares of the FanDuel parent have been trading after the company halted it its Euronext listing, but over that time, Dublin-based Flutter maintained its primary listing in London. Last month, the Paddy Power owner told investors they would decide on the issue of moving the primary listing to New York at the company’s annual meeting, which took place Wednesday.

We now anticipate that we will shift our prime listing to the New York Stock Exchange by the end of the month,” said Flutter CEO Peter Jackson in a press briefing yesterday.

He added that he views the US as Flutter’s “natural home.”

When Flutter announced plans to list its shares in New York, the gaming company mentioned factors such as enhanced liquidity, improved access to capital, and broadening its investor base as reasons for bringing its stock to a major US exchange.

Additionally, FanDuel is the largest online sportsbook operator in this country. As a result, the US represents that fastest growing part of Flutter’s overall portfolio in profitability and revenue terms.

Foreign companies such as Flutter pursue primary listings in the US is that those moves open the door to potential inclusion in widely observed US equity benchmarks, . Based on market cap and profitability metrics, Flutter would be eligible for inclusion in some marquee domestic equity indexes should it shift its primary listing to New York.

Ninety-eight percent of shareholders at the operator’s annual group meeting approved the primary listing shift to New York from London. The status shift could occur before the end of this month.

Flutter is the latest in a growing number of companies that once considered the LSE their primary listing venue that have shifted that status to New York. When it went public last year, UK-based chip giant Arm Holdings , not London.

Since then, several marquee UK-based firms have decided to make similar moves. Building materials company CRH did the same thing last year with travel firm Tui following suit earlier this year. Several other corporations that currently name the LSE as their primary listing venue are mulling moves to New York.

In what would be the largest such example of the London-to-New York primary listing move and a major blow to the LSE, global integrated oil behemoth Shell is said to be examining that shift. Last month, Shell CEO Wael Sawan said the company is frustrated with trading at notable discounts to US-based rivals such as Chevron and Exxon and that it’s evaluating steps to close that gap, including moving its main share listing to New York.