Tuesday August 4, 2020

Goldman Sachs bets big on beleaguered Flutter

The move by the giant investment bank comes as major US and British hedge funds have boosted their short trades against the company formerly known as Paddy Power Betfair

Barry J Whyte

Chief Feature Writer

26th January, 2020
Goldman Sachs has bought a €447.7 million stake in Paddy Power Betfair, renamed Flutter Entertainment

The giant US investment bank Goldman Sachs has bought a €447.7 million stake in Irish betting company Paddy Power Betfair, recently renamed Flutter Entertainment.

Goldman, which is a broker to the company, now holds 5.32 per cent of the shares. At its most recent share price of €105.50, the company had a market capitalisation of €8.2 billion.

The investment comes as a raft of major US and British hedge funds have ramped up their short trades...

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