Paddy Power, Betfair to merge into online betting giant

By The Associated Press | Posted - Aug. 26, 2015 at 3:50 a.m.

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

LONDON (AP) — Paddy Power and Betfair have agreed to merge, creating one of the world's largest online betting and gaming companies by revenue.

The companies say Paddy Power shareholders would own 52 percent of the combined group and Betfair shareholders would own 48 percent. In addition, Paddy Power shareholders would receive a special dividend of 80 million euros ($91.7 million) once the deal is completed.

Paddy Power Chairman Gary McGann would be chairman of the combined group, with Betfair Chief Executive Breon Corcoran serving as CEO. Other terms are under discussion.

Together, the companies had revenue of more than 1.1 billion pounds in their last financial years. Ireland-based Paddy Power PLC and London-based Betfair Group PLC say the size of the combined group would help it compete in new and existing markets.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press


    Catch up on the top news and features from, sent weekly.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast