The new product of the merger will be Paddy Power Betfair. It is claimed that it will be valued at €2 billion total income per year. The Ireland Competition and Consumer Protection Commission endorsed this merger as it claimed that it would be not a hindrance and take all the market shares in the State and hence leading to demise of other firms in the same industry.
The completion of the deal is scheduled for 2nd day of February 2016 which is two months before its original merger date which was set to be in late March. This follows the endorsement of the British High Court on 1st February. From here, the London and Dublin stock exchanges will allow the new firm to start trading as from 2nd February. The actual dividend of the shareholders which can be played believed to be around €80 million will be made public on the 27th day of January.
The terms claim that shareholders with Paddy Power will own 52% whereas those with Betfair will be entitled to 48%. The main list will be kept safely in London stock Exchange with the secondary list deposited with Dublin holdings. The new firm will operate in major nations across Europe, US as well as Australia where it will play host to over 4 million existing client in over 100 nations with more than 600 land-based betting shops in Britain and Ireland.
Breon Corcoran who is the CEO of Betfair will lead the entire team with CEO of Betfair Andy McCue being the chief operating officer. Online business is believed to generate around 80% of the total income accrued by the new firm.