Key Takeaways
- The combined group, Paddy Power Betfair plc, would create “one of the world’s largest public online betting and gaming companies”
- Both operators have top-tier iPoker skins.
- While the pair have agreed on the terms of the deal, it is conditional on due diligence performed by both parties.
Rival gaming operators Betfair Group plc and Paddy Power plc announced Wednesday that they have agreed to the terms of a possible merger.
The combined group, Paddy Power Betfair plc, would create “one of the world’s largest public online betting and gaming companies,” it was announced.
Together the pair posted £1.1 billion (€1.5 billion) in revenue in the last year.
The all-share deal would see Paddy Power shareholders own 52% of the new company and Betfair shareholders 48%, mirroring Paddy Power’s slightly larger market capitalization of €3.46 billion (£2.54 billion) vs Betfair’s £2.43 billion.
