Flutter Entertainment (NYSE:FLUT) acquires an initial 56% stake in NSX Group, a Brazilian operator of the Betnacional brand for ~$350M cash. The transaction fully aligns with Flutter's (FLUT) strategy to invest in leadership positions in international markets, securing a podium position for Flutter on completion in the regulating and fast-growing Brazilian market. On a standalone basis, NSX is expected to generate revenue of ~$256M and Adjusted EBITDA of ~$34M in 2024. \"The transaction is consistent with our strategy and is another example of Flutter allocating capital to drive shareholder value creation. We remain committed to our medium-term leverage ratio of 2.0-2.5x which allows for flexibility for us to pursue value-creating acquisitions such as NSX.\" the company said. The transaction is expected to close by Q2 2025.