Tuesday 12 December 2017

Paddy Power/Betfair merger: Shareholders agree €8bn link-up at meetings in Dublin and London

Paddy Power is known for its Ryanair-style publicity events including one outside the Houses of Parliament in London.
Paddy Power is known for its Ryanair-style publicity events including one outside the Houses of Parliament in London.
Donal O'Donovan

Donal O'Donovan

The €8bn merger between Paddy Power and UK firm Betfair is all but sealed after shareholders in both companies overwhelmingly approved the deal at meetings in Dublin and London.

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.

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