TLDR Kenneth Dart increased his Flutter Entertainment stake to 27.6%, making him the largest private shareholder with a holding worth about £3.55bn Canadian Imperial Bank of Commerce acquired a 5.3% stake in Flutter, marking its first position in the company Flutter shares have dropped more than 55% this year to $96.36, yet multiple investors have been adding to their positions BlackRock lifted its stake above 5%, and Parvus Asset Management doubled its holding to 10%, while Capital Group trimmed its position from 14.9% to 9.9% Flutter is currently running a $250 million buyback programme as part of a wider $5 billion plan launched in March
Kenneth Dart, the US billionaire, has raised his stake in Flutter Entertainment to 27.6%. The move makes him the biggest private shareholder in the gambling company.
A filing to the London Stock Exchange on 20 May confirmed the increase. Dart added shares through his investment firm Candle Lake.
His voting rights from equity-based swaps rose from 6.25% to 8.8%. Those swaps are held through Candle Lake’s Cayman Islands unit, LBS Ltd.
Combined with the 18.8% of shares he owns directly, Dart now controls more than a quarter of Flutter’s voting rights. Before this latest purchase, his control stood at 25%.
With Flutter valued at £12.85 billion, Dart’s 27.6% stake is worth roughly £3.55 billion. Flutter owns several major gambling brands including FanDuel in the US, Betfair, Sky Bet, Paddy Power, and Sisal in Italy.
CIBC Becomes One of Flutter’s Newest Institutional Investors
The Canadian Imperial Bank of Commerce has also taken a position in Flutter. The bank acquired a 5.3% stake, according to a filing made on 15 May.
It marks the first time CIBC has held shares in the company. CIBC is one of Canada’s five largest banks, alongside RBC, TD,