Paddy Power - Betfair merger enters regulatory process
The proposed €7.5bn merger between Paddy Power and Betfair has been formally notified to the Irish Competition and Consumer Protection Commission (CCPC).
The planned merger – first announced in August – has now entered a phase one probe at the CCPC. It said that the deadline for any parties wishing to make a submission in relation to the proposed merger is November 5.
The preliminary investigation typically only takes a few weeks, but depending on any concerns or issues the CCPC may have, it can become a more in-depth probe.
It's intended that the newly merged entity will be headquartered in Dublin and will join the FTSE-100. Paddy Power is currently headed by Andy McCue. He’ll become chief operating officer of the combined group. Betfair chief executive Breon Corcoran will lead the new company, while Paddy Power chairman Gary McGann will also be chairman of the enlarged group.
The combined annual revenues of Paddy Power and Betfair are about €1.7bn, with 80pc of that generated by online channels.