Paddy Power and Betfair agree terms for possible merger
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The boards of Paddy Power and Betfair said today that they have agreed the main terms of a possible merger, which would be known as Paddy Power Betfair plc. The merger would create one of the world’s largest public online betting and gaming companies with revenues of over £1.1bn (€1.5bn) in their last financial years. Their boards said the merged company would be better placed to compete in existing and new markets. Under the terms of the agreement, Paddy Power shareholders would own 52pc and Betfair shareholders would own 48pc of the issued and to be issued shares of the combined group. Just before completion, Paddy Power shareholders would receive a special dividend of €80m. The boards said the structure of the possible merger is being finalised with a view to maximising benefits to shareholders and other stakeholders, and it is expected that the combined group would maintain a significant presence in Ireland and in the UK. Gain new digital skills with a Professional Diploma in Digital Marketing and Strategy
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