News of the merger between Paddy Power and Betfair broke in August this year, as the two gambling giants agreed a multi billion pound agreement, worth up to £5.8B. They were set to merge together to form the aptly named Paddy Power Betfair.
Until now that had simply been an agreement in principle, with both companies awaiting the approval of their shareholders to finalise the deal. Since yesterday, that deal has now been completed with shareholders unanimously approving the Paddy Power Betfair merger be made official.
The Merger To Beat All Mergers
Shareholders met a few days ago to vote on the deal, with the result coming out as 262 votes to 2. The Betfair General Meeting saw the vote to the merger, come out as 99.999% in favour.
The Paddy Power Betfair headquarters are slated to be situated in Dublin. The merger is set to complete in Q1 of 2016, with the company officially operating from that point onwards.
The only restriction standing in the merger's way is the “UK Competition and Markets Authority”, which has yet to give its clearance on the deal. Further approval is also required from the “Competition and Consumers Protection Commission”.
Once these two groups have confirmed the deal, which is likely to be the case, then Paddy Power Betfair can go about being the biggest merger in the history of the gambling industry. It's been a long road to the Paddy Power Betfair merger, but everyday draws it closer.