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Betfair and Paddy Power take a ₤ 5bn merger punt

26 August 2015

Betfair and Paddy Power are set to combine in a ₤ 5bn bet9ja's welcome offer that would produce among the world's most significant online wagering and video gaming companies.

Final details are still being exercised, but the business stated the deal had "compelling tactical logic" and improved their market position.

Paddy Power investors would own 52% of the combined organization, with Betfair investors owning the remaining 48%.

The combined business would have yearly earnings of some ₤ 1.1 bn.

"Discussions stay ongoing concerning the other regards to the yohaig code possible merger," a declaration said on Wednesday, external.

The new group would be the UK online market leader with a 16% share, according to industry information, passing a merged Ladbrokes/Coral on 14%, in addition to William Hill and the privately owned Bet365.

Shares in Betfair soared 17% to ₤ 30.60 on Wednesday, while Paddy Power jumped more than 18% in Dublin.

If the deal goes ahead, Breon Corcoran, manager of Betfair, would become primary executive of the combined group, while his equivalent at Paddy Power, Andy McCue, would end up being chief operating officer.

'All about scale'

The combined company prepares to keep the "distinct and complementary" Betfair and Paddy Power brand names in Europe.

Mr Corcoran stated: "We fundamentally believe this industry is all about scale. By creating 2 unique however extremely strong brands, we'll have a market leading position in the UK, Ireland, Australia and in the United States."

Cormac McCarthy, Paddy Power's chief financial officer, stated the mix was an "appealing chance".

"The scale and capability is unsurpassed and would leave us in a better place to compete in our existing markets, where competitors is intense," he stated.

Given the complementary nature of the two business, he was positive that any competitors issues could be gotten rid of.

Paddy Power was established in 1988, when three Irish bookies combined. It has 350 wagering shops and is the third-largest online bookmaker.

Betfair, on the other hand, is using a market - or wagering exchange - that lets clients bypass the requirement for a conventional bookmaker.

Based on their closing rates on Tuesday, Betfair deserved ₤ 2.4 bn and Dublin-listed Paddy Power deserved EUR3.4 bn (₤ 2.5 bn).

Industry mergers

Shareholders in Paddy Power would receive a special code yohaig dividend of EUR80m.

There has been a flurry of merger activity in the gambling sector in recent months.

In July, online gaming firm 888 Holdings won a takeover fight for competing Bwin.party in a cash-and-stock offer valued at about ₤ 898m.

The two companies had been in considering that the yohaig code middle of May.

Ladbrokes and Gala Coral likewise just recently sealed a ₤ 2.3 bn merger.

Online gambling company 888 buys Bwin

17 July 2015

CVC shelves Betfair takeover bid

14 May 2013