03:24 AM EDT, 09/13/2024 (MT Newswires) -- Flutter Entertainment ( FLUT ) said Friday it agreed to acquire an initial 56% stake in NSX Group for about $350 million in cash.

NSX Group owns the Brazilian sports betting and online gaming operator Betnacional.

Under the terms of the deal, Flutter will pay the cash consideration and contribute its existing Betfair Brazil business for a 56% stake in the newly combined Flutter Brazil business.

The company also plans to increase its shareholding through reciprocal put/call arrangements in the fifth and 10th year of the deal's completion.

The transaction is expected to close in Q2 2025, subject to regulatory approval.

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