New entity would be Paddy Power Betfair
The merger of Irish bookmakers Paddy Power and Betfair, announced August 25, has been submitted for review to the Irish Competition & Consumer Protection Commission.
According to SBC News, the CCPC will look at the proposed merger, in which Paddy Power will acquire Betfair assets at a value of £2.86 billion (US$3.2 billion). Paddy Power shareholders will own 52 percent of the new entity, which will trade on the London Stock Exchange under the name Paddy Power Betfair.
Paddy Power shareholders are expected to formally vote on the deal this December, and the merger should be complete by the first quarter of 2016.
The new company will be based in Dublin, with Betfair CEO Breon Corcoran at the helm, and Paddy Power CEO Andy McCue as chief group operations officer, SBC announced.
