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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