Shareholders for Paddy Power and Betfair have approved a ?10 billion merger with Betfair that will create one of the world’s biggest gambling businesses, with €2 billion in revenues and a total ?8 billion value.
Investors representing more than 99 per cent of Paddy Power’s shares backed resolutions proposing the merger at recent meeting and Betfair shareholders voted by a similar margin shortly after.
Paddy Power shareholders will own 52 per cent of the new company and Betfair’s owners will receive 48 per cent if the deal goes through.
The transaction must be approved by Ireland’s Competition and Consumer Protection Commission. UK regulators have already approved the merger.
Betfair chief executive Breon Corcoran will head the new group and Paddy Power chief executive Andy McCue will become its chief operating officer.
Officials said they hope to complete the merger by March.
