The proposed merger of Paddy Power and Betfair will lead to significant cuts to the companies labor force, according to the UK newspaper the Sunday Times.
The report says the companies are looking to cut 25 million pounds in labor costs in 2016. That fits into the company’s planned co-synergies’ savings target of 50 million pounds through the merger.
The combined workforces of Paddy Power and Betfair total 7000 employees worldwide. The newspaper did not disclose which divisions would likely be affected by the merger.
The planned 6.2 billion pound merger deal would be put to an ‘extraordinary shareholder’ vote December 21.
