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Betfair and Paddy Power take a ₤ 5bn merger punt

26 August 2015

Betfair and Paddy Power are set to merge in a ₤ 5bn deal that would produce among the yohaig code world's greatest online betting and video gaming business.

Final details are still being exercised, but the companies said the deal had "compelling tactical reasoning" and improved their market position.

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

The combined organization would have annual revenues of some ₤ 1.1 bn.

"Discussions stay continuous concerning the other regards to the possible merger," a declaration stated on Wednesday, external.

the yohaig code new group would be the UK online market leader with a 16% share, according to industry information, a merged Ladbrokes/Coral on 14%, as well as 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 bet9ja's welcome offer proceeds, Breon Corcoran, employer of Betfair, would become president of the combined group, while his equivalent at Paddy Power, Andy McCue, would end up being chief operating officer.

'All about scale'

the yohaig code combined business plans to maintain the "distinct and complementary" Betfair and Paddy Power brand names in Europe.

Mr Corcoran stated: "We basically think this promotion code market is all about scale. By putting together two unique however phenomenally 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, said the combination was an "appealing chance".

"The scale and capability is unmatched and would leave us in a far better location to contend in our current markets, where competitors is intense," he stated.

Given the complementary nature of the two companies, he was confident that any competition concerns could be gotten rid of.

Paddy Power was established in 1988, when three Irish bookmakers combined. It has 350 wagering stores and is the third-largest online bookie.

Betfair, in contrast, is using a marketplace - or wagering exchange - that lets consumers bypass the requirement for a conventional bookmaker.

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

Industry mergers

Shareholders in Paddy Power would get an unique dividend of EUR80m.

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

In July, online gambling company 888 Holdings won a takeover battle for competing Bwin.party in a cash-and-stock bet9ja's welcome offer valued at about ₤ 898m.

The 2 companies had actually been in conversations since the middle of May.

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

Online gaming company 888 buys Bwin

17 July 2015

CVC racks Betfair takeover quote

14 May 2013