Paddy Power, Betfair merger may lead to £25m in job cuts
Paddy Power and Betfair are said to be considering cutting jobs in order to help yield savings of £50 million (€70.9 million/$75.3 million) from their proposed merger.
The two operators in August confirmed they had agreed a to merge and form a new combined company that could be worth as much as £5.8 billion.
However, The Sunday Times newspaper has reported that the move could lead to heavy job cuts at both Betfair and Paddy Power as they look to make savings on the deal.
A circular seen by the newspaper suggests that labour savings will constitute half the £50 million worth of annual expenditure reductions from the merger, meaning as much as £25 million of staff costs could be slashed.
Paddy Power, the larger of the two companies, currently employs approximately 5,000 staff, while Betfair has 1,900 employees on its books.
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