Having gained regulatory approval of its proposed new share scheme by the UK High Court of Justice, this morning will see the first trades of new gambling powerhouse ‘Paddy Power Betfair’ on the main stock exchanges of Dublin and London.
The beginning of trading, will see Paddy Power and Betfair governances complete their agreed £6.4 billion merger which was first announced in August 2015. Furthermore, both governances complete the merger deal by the target period of Q1 2016.
Issuing a regulatory statement, Betfair Plc announced that its official status on the London Stock Exchange had been cancelled, with trading on ‘Paddy Power Betfair’ set to begin on Tuesday 2 February at 8:00 am.
The new enterprise of ‘Paddy Power Betfair’ will lead its category listing on the London FTSE 100 index, with combined company revenues expected to generate more than £1.1 billion.
Under a merged executive team led by Betfair CEO Breon Corcoran, with Paddy Power CEO Andy McCue taking group COO responsibilities, the new entity is reported to be seeking to implement £50 million in short term cost savings.
Issuing its investor prospectus in November 2015, both governances detailed the new enterprise’s ambitions to become the global leader in the online gambling sector.