Paddy Power and Betfair Merger Approved By UK Regulator
The £5 billion merger between two of the gambling industry’s largest corporations, Paddy Power and Betfair, has been approved by the UK Competition and Markets Authority. The CMA led inquiry into the potential effects of the planned merger began on the 9th November and has been completed, with the authority permitting the deal to go ahead, with no second inquiry deemed necessary.
The two successful companies announced their plans to combine forces earlier in 2015 in a huge move which would see them become one of the world’s biggest gambling businesses, with a massive estimated stock market value of around £5.8 billion.
In another step towards the merger’s finalisations, the shareholders of both companies have resoundingly voted in agreement to the merger. Paddy Power’s shareholders were enthusiastic about the deal, with 99.9 per cent voting to approve the merger. Betfair shareholders were equally approving, with a similar 99.9% of the shareholders vote going in favour of the deal.
The new company, humorously branded “Betty Power”, will continue to run as separate entities in the UK, Ireland and Italy after the merger, which will see Paddy Power shareholders owning 52% of the combined business, and Betfair investors owning 48%.
The merger just needs to be approved by the Competition and Consumer Protection Commission in the Republic of Ireland (where Paddy Power is based) before it is officially complete.
Once all conditions of the merger are effectively met, the deal is set to be completed in this first quarter of 2016.
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