Full house! Betfair and Paddy Power to merge, forming world's largest online bookies

Harry Cockburn

This gamble looks set to pay off

Gambling businesses Betfair and Paddy Power are taking a punt on a merger that will create the planet’s largest online betting companies.

The all-stock merger will create a company worth a staggering $6.5bn, which will become a powerful force in the gambling market.

According the FT, the deal will see Paddy Power’s investors take a 52% in the business, with Betfair’s shareholders taking the rest.

The news saw Paddy Power’s shares jump 16% to €90.70 in Dublin, while in London, Betfair’s shares soared by 18% to £30.72.

According to the BBC, Breon Corcoran, the current boss of Betfair, would become chief executive of the combined group, Andy McCue at Paddy Power, would become chief operating officer.

The companies said the deal had “compelling strategic logic”, and would strengthen their positions in the market.

Now read

 

Calvin Harris

Here’s how many millions the richest DJs in the world make

 

Jamie Oliver

Jamie Oliver: Only “posh and middle class” care about healthy eating

 

Stirling Shard

The Shard just smashed record rents for the City

 

Trader black monday

Stock shock: the 10 biggest losers on the FTSE 100 yesterday

 

Tube strike piixxo

Tube strike latest: Strikes called off – but new dates announced

Related Articles

Readers' comments (1)

Text size

Desktop Site | Mobile Site