Paddy Power-Betfair Merger CompletePublished February 5, 2016 by Lee R
Share trading formally completes the merger deal first announced in August.
Share trading on the new Paddy Power-Betfair merger has opened.
The long-awaited £1.1 billion merger, one of the largest in the short but eventful history of the gambling sector is now live on the London Stock Exchange.
The shares going live indicates that the merger scheme has been officially approved by stockholders and cleared the organizational process by meeting the conditions of the recommended merger.
The announcement of the merger to form the world's largest online betting and gaming company originally was released in August. The companies continued to operate independently while a shareholder vote and confirmation of conditions faithful to terms of the scheme had to play out to get the new company's shares on the market.
Paddy Power-Betfair will possess collective revenue levels of €2 billion. The combined value of the company from both the London and Dublin stock exchanges tops out at €9.4 billion.
Changes at the Top
With the start of actual trading, Paddy Power-Betfair confirms the issuance of shares, and the changes at the top taking effect with the resignation of directors Cormac McCarthy, Tom Grace and Ulric Jerome.
The new CEO is now officially Breon Corcoran is chief executive, with Alex Gersh acting as chief financial officer and Ian Dyson now officially beginning his term as non-executive director and senior independent director.
Other senior officials include new appointments for Zillah Byng-Thorne, Peter Jackson and Peter Rigby as non-executive directors.
Paddy Power-Betfair Reach
The new merger immediately combines the assets and reach of both fast growing online gaming operator giants. According to the company website, the launch of the new company now establishes a heightened market-leading presence in the UK, Ireland, Australia and the USA, as well as what the company calls “a range of B2C and B2B operations across Europe.” The full range of services has yet to be disclosed, and it will be interesting to watch the roll-outs as the fresh year unfolds.