The deal will go through during the first quarter of 2016.
UK.- The proposed merger between Betfair and Paddy Power that was unveiled last August has finally gained clearance by the UK Competition and Markets Authority (CMA.) The move could create one of the major online gaming business, worth an estimated £5.8 billion (€8 billion/ US$8.7 billion) and more than 7,000 staff.
Last November the CMA published an invitation to comment on the proposed merger, with the deadline set for November 20. Now with this approval, Betfair expressed that the merger is expected to go through as planned during the first quarter of 2016. As previously stated by the companies, the group – to be called Paddy Power Betfair – will establish its headquarters in Dublin. Thanks to the deal, Paddy Power’s 336 shops in the UK and 252 stores in Ireland will join forces with Betfair’s online betting exchange.