Paddy Power chief executive Andy McCue hailed the move – a game changer for the industry in the UK especially – as a “merger of equals”. Shares in both companies soared on the back of the proposed deal, which was announced yesterday.
The merger, in the making for just the past few weeks, will result in the creation of Paddy Power Betfair plc, a company that will be listed on the London and Dublin stock exchanges.
Between them, Paddy Power and Betfair generated net revenues of about €1.5bn last year.
The merger should be completed in early 2016, assuming it encounters no competition hurdles, which it is unlikely to.
Full content: The Wall Street Journal
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