Paddy Power and Betfair set to merge in February
Gambling firms Paddy Power and Betfair have managed to clear all regulatory hurdles, allowing a merger to take place early in February.
The UK’s Competition and Markets Authority gave the two companies to the green light for a merger in December 2015. That was closely followed by Ireland’s Competition and Consumer Protection Commission, which said in a statement that it had “formed the view that the proposed transaction will not substantially lessen competition in any market for goods or services in the state”.
The newly formed company, estimated to be worth £5bn (€6.5 or $7bn), is scheduled to be listed on the London Stock Exchange and the Irish Stock Exchange on February 2. Paddy Power shareholders will hold 52% of the new business, with Befair holding the remaining 48%
Paddy Power and Betfair announced the merger plans back in August 2015 and have been working hard to meet the requirements of the various authorities since. Now that they have achieved this, they look set to become one of the biggest gambling businesses in the UK and Ireland.