Paddy Power merger with Betfair clears final hurdle
The two companies plan to create a global gambling business, Paddy Power Betfair, with €2 billion in revenue and a combined value of €9.4 billion at yesterday’s closing prices on the Dublin and London stock markets.
The proposal cleared its last regulatory hurdle on January 16 when the Competition and Consumer Protection Commission approved the deal, saying it would not “substantially lessen competition in any market for goods or services in the State”.
Following the news, Paddy Power said it expected the merger to go through on February 2nd, subject to the British high court approving a scheme of arrangement, which Betfair is using to complete its part of the transaction, at a hearing the previous day.
Paddy Power Betfair’s shares are likely to be admitted to the London and Dublin stock exchanges, where they will begin trading, on February 2nd.
On January 27th the Irish bookie will announce details of the €80 million special dividend payable to its shareholders ahead of the merger.
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