Paddy Power Betfair merger approved by shareholders

Betfair is expected  to complete the merger with Paddy Power in the first quarter of 2016.
Betfair is expected to complete the merger with Paddy Power in the first quarter of 2016.

The two brands will create a new combined operation that is worth an estimated of US$8.7 billion

UK.- Shareholders of both Betfair and Paddy Power have voted to approve their proposed merger, which was announced last August and has just received the clearance to go ahead by the UK Competition and Markets Authority.

The companies had expressed that the merger will take place during the first quarter of 2016 and as a result the group – to be called Paddy Power Betfair, with headquarters established in Dublin- will create a combined operation worth as much as £5.8 billion (€8 billion/$8.7 billion). 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.

At its Court Meeting and General Annual Meeting  Betfair has informed that its shareholders have also voted to approve a scheme. A total of 262 shareholders voted in favour of the merger and two opposed.

Now, there are some conditions remaining in order to complete the merger, such as  the sanction of the Scheme by the Court and CCPC approval.