Flutter has completed the acquisition of Brazilian operator NSX Group in a deal worth $350m (£263.3m).
The New York-listed firm obtained a 56% stake in NSX, which operates the Betnacional brand in Brazil.
In addition to the cash component of the deal, Flutter contributed its existing Betfair Brazil operations, in return for the controlling stake in the newly combined Flutter Brazil business.
A mechanism has also been put in place to enable Flutter to increase its shareholding “through reciprocal put/call arrangements in year five and year 10” following the deal’s completion.
The acquisition has been in the pipeline since Brazil’s regulated market first launched on 1 January 2025, with the plan always being for Flutter to assume majority ownership of NSX.
NSX first entered the Brazilian market in 2021, becoming the number four operator in the region by 2023.
Flutter said the deal aligns with the company’s strategy to “invest in leadership positions in attractive international markets”.
The acquisition will create an “enhanced competitive position” for the operator in Brazil, strengthening its local-hero brand portfolio.
Flutter estimates the NSX acquisition will contribute $220m worth of additional revenues in 2025, as well as an adjusted EBITDA loss of $70m.
Group CEO Peter Jackson said: “I am delighted to welcome NSX – the operator of leading Brazilian sports betting and igaming brand, Betnacional – to the Flutter portfolio.
“The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value creating M&A.
“The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the ‘Flutter Edge’, creates a compelling opportunity to capitalise on the exciting runway of future growth in Brazil.”
Flutter’s NSX deal represents its latest M&A venture of 2025, following on from the €2.3bn acquisition of Snaitech from Playtech that was finalised in April.
Earlier this month, Flutter reported revenue figures of $3.7bn for the first quarter of 2025, representing an 8% increase year on year (YoY).
Adjusted EBITDA for the quarter amounted to $616m, an increase of 20% when compared to Q1 2024.
The opening of Brazil’s regulated market saw revenue for the region to fall 44% YoY to $9m.
The post Flutter completes acquisition of Brazil-facing operator NSX Group in $350m deal first appeared on EGR Intel.
Operator obtains a 56% stake in the Betnacional parent company, enhancing its local-hero brand portfolio in the Latam jurisdiction
The post Flutter completes acquisition of Brazil-facing operator NSX Group in $350m deal first appeared on EGR Intel.