Another high-profile UK technology business is to pack its bags and head for the US after gaming giant Flutter Entertainment PLC (LSE:FLTR) shareholders approved a shift of primary listing to New York.
A resounding 98% of owners voted for the move with the Flutter likely to complete the journey across the Atlantic by the end of the month.
Flutter, formed by the merger of Betfair and Paddy Power, jointly owns the rapidly growing US sports betting group FanDuel with Fox Corp (NASDAQ:FOXA).
Explosive growth in the US as the market there has deregulated means it is now Flutter’s largest market, chipping in US$4.5 billion to 2023 revenues compared to US$3bn for the UK and Ireland.
Flutter boss Peter Jackson called New York the company’s “natural home” with the business likely to be included in the benchmark S&P 500 index thereby immediately pulling tracker funds and ETFs.
Flutter established a secondary listing in the US earlier this year.
Construction giant CRH and plumbing equipment supplier Ferguson recently switched their listing from London to the US.