Paddy Power and Betfair set to finish €10bn merger by March

Dmitry
Khlestkin

Paddy Power CEO Andy McCue said the company’s €10 billion merger with Betfair is expected to  pass remaining regulatory hurdles by March, the Irish Times reports.

PADDY

On Monday, shareholders in both bookies voted in favour of the deal. According to McCue, now Republic’s Competition and Consumer Protection Commission (CCPC) is to ratify the agreement.

After Paddy Power shareholders had voted, Mr McCue said he was hopeful that the Republic’s Competition and Consumer Protection Commission (CCPC) would pass the transaction in time for it to go ahead by the end of the first quarter of 2016.

The UK watchdog – the Competition and Markets Authority – greenlighted the accord last week.

 “I cannot think of another sector that is as competitive as ours, so I would be optimistic of getting it early next year,” said McCue.

The new company, Paddy Power Betfair will have a combined value of €10.2 billion. The bookie  will operate in Europe, the US and Australia with more than four million customers and some 600 betting shops.

Paddy Power will have 52 percent in the new company, while  Betfair’s owners will get 48 percent. The new company will be located in Ireland, and will have  main listing on the London Stock Exchange.

There have been other significant mergers in 2015. Among them is the €3.1 billion deal between Ladbrokes and Gala Coral in July and GVC’s €1.5 billion acquisition of Bwin.party in September.

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