Paddy Power Betfair begins trading after €8bn merger is completed
Published 02/02/2016 | 08:14
Paddy Power Betfair Plc has begun trading this morning after the proposed €8bn merger between the two betting giants was completed.
Shares in the company fell 1.9pc in early trade having gained yesterday.
The company has started trading on both the Irish Stock Exchange and the London Stock Exchange.
Trading begins after shareholders from both firms overwhelmingly agreed to the merger in December.
The new entity is headquartered in Dublin and will trade as part of the FTSE 100.
Paddy Power Betfair Plc will lead its category listing on the index with combined revenues expected to generate more than €1.4bn.
Announcements about the firm's introduction were released on both stock exchanges this morning.
Andy McCue, who previously headed up Paddy Power will now become chief operating officer while former Betfair chief executive Breon Corcoran is now leading the new company.