Betfair’s impending ?6 billion merger with Paddy Power has prompted an 8 million share sell-off of Betfair stock netting investors about ?260 million according to Barclays the firm’s trading book-runner.
According to SBC News, the sale of Betfair shares was conducted by Brussels based investment firm La Peigne SA, which manages investments on behalf of Bernard Arnault, France’s richest man. Arnault sold 4.6 million shares—about half of his holdings in Betfair—netting ?155 million, the news agency said.
Betfair Co-founder Edward Wray reportedly sold 2.75 million shares in the company for an estimated value of ?92 million. He retains 6.1 million company shares, SBC said.
The Paddy Power merger was first announced in August. Since then Betfair’s share price has gained 30 percent, ?32.50 as of October 5.
