Paddy Power, Betfair to merge
August 26th, 2015 at 6:07:45 AM
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Paddy Power, Betfair to merge into online betting giant
LONDON (AP) — Paddy Power and Betfair have agreed to merge, creating one of the world's largest online betting and gaming companies by revenue.
The companies say Paddy Power shareholders would own 52 percent of the combined group and Betfair shareholders would own 48 percent. In addition, Paddy Power shareholders would receive a special dividend of 80 million euros ($91.7 million) once the deal is completed.
Paddy Power Chairman Gary McGann would be chairman of the combined group, with Betfair Chief Executive Breon Corcoran serving as CEO. Other terms are under discussion.
Together, the companies had revenue of more than 1.1 billion pounds in their last financial years. Ireland-based Paddy Power PLC and London-based Betfair Group PLC say the size of the combined group would help it compete in new and existing markets.
http://hosted2.ap.org/PAPIT/02db2d7cf27349608ffb3d3ba8872aa0/Article_2015-08-26-EU--Britain-Gambling%20Merger/id-7e14a3f8f95446ad822b0be58806b26e
LONDON (AP) — Paddy Power and Betfair have agreed to merge, creating one of the world's largest online betting and gaming companies by revenue.
The companies say Paddy Power shareholders would own 52 percent of the combined group and Betfair shareholders would own 48 percent. In addition, Paddy Power shareholders would receive a special dividend of 80 million euros ($91.7 million) once the deal is completed.
Paddy Power Chairman Gary McGann would be chairman of the combined group, with Betfair Chief Executive Breon Corcoran serving as CEO. Other terms are under discussion.
Together, the companies had revenue of more than 1.1 billion pounds in their last financial years. Ireland-based Paddy Power PLC and London-based Betfair Group PLC say the size of the combined group would help it compete in new and existing markets.
http://hosted2.ap.org/PAPIT/02db2d7cf27349608ffb3d3ba8872aa0/Article_2015-08-26-EU--Britain-Gambling%20Merger/id-7e14a3f8f95446ad822b0be58806b26e
