Fri, 18 Dec 2015 | MERGER
The merger between two of the biggest gambling companies in the UK, Betfair and Paddy Power, has been approved by the UK regulators.
The Competition and Markets Authority (CMA) announced that Phase 1 approval has been granted to allow the companies to come together in the first quarter of 2016.
Terms of the merger were agreed back in September this year when the two firms laid out the plan for a £5 billion all-share merger. The deal will bring together all of Paddy Power's physical shops – of which there are 336 in the UK and 252 in Ireland – with Betfair's online betting exchange.
Gary McGann, chairman of Paddy Power, and the man set to become chairman of the newly created Paddy Power Betfair, commented: “The merger of Paddy Power and Betfair will create a company of world-class capability and people who will deliver substantial up-front synergies and a platform for very exciting business expansion.”
Alongside Mr McGann will be the current CEO of Betfair, Breon Corcoran, who will become the new group CEO and the executive director. Andy McCue, the current Paddy Power CEO, who will step into the role as COO and executive director of Paddy Power Betfair.
Read more about the merger process and the challenges and solutions when it comes to integrating businesses.
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