UK-listed gambling operator Paddy Power Betfair (PPB) has reached a deal to acquire US daily fantasy sports operator FanDuel.

On Wednesday, PPB and FanDuel issued a joint release announcing they’d reached “a definitive agreement under which the companies will merge their US businesses.” Specific terms weren’t disclosed, but the transaction is expected to be complete by Q3 2018. Rumors of the pending union first made waves last week.

The ‘merger’ involves only PPB’s US-facing Betfair US operations, which includes the TVG online horseracing business and a Betfair-branded New Jersey online casino site.

PPB will hold a 61% of the enlarged US company, with options to increase that stake to 80% after three years and 100% after five years. PPB will also appoint the US entity’s CEO and a majority of its directors.