Paddy Power Betfair completes merger
Paddy Power Betfair shares are now trading on the London Stock Exchange after the completion of one of the gambling sector’s biggest ever mergers.
In a statement, the new entity – with combined revenues of more than £1.1 billion (€1.5 billion/$1.6 billion) - said today that “the company is pleased to announce that with the scheme having now become effective, all of the conditions to the recommended merger have been satisfied and completion has occurred”.
Paddy Power Betfair confirmed the previously announced issuance of shares, and also the resignation of Cormac McCarthy, Tom Grace and Ulric Jerome as directors.
It also established that Breon Corcoran is chief executive, with Alex Gersh as chief financial officer and Ian Dyson, as a non-executive director and senior independent director.
The company said that Zillah Byng-Thorne, Peter Jackson and Peter Rigby have all been appointed as non-executive directors.
A statement on the combined group’s new website reads: “Paddy Power Betfair was formed in 2016 from the merger of two of the fastest-growing online betting operators in the world - Paddy Power and Betfair Group.
“Paddy Power Betfair has a market-leading presence in the UK, Ireland, Australia and the USA, as well as a range of B2C and B2B operations across Europe.”
Paddy Power and Betfair announced last August their intention to create the world's largest public online betting and gaming companies, although the two brands will continue to operate independently.