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Screenshot of a breaking news alert e-mail from Q2 2017
The UK Competition and Markets Authority (CMA) today published an invitation for comments on the proposed merger of Paddy Power plc and Betfair Group Ltd (LON:BET), initially unveiled in August this year.
Under the terms of the deal, a new combined entity, named Paddy Power Betfair plc, will be created. It is expected to achieve recurring annual pre-tax cost synergies of approximately £50 million.
The CMA said today that it is “considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”
The regulator is asking for assistance with this assessment and is inviting comments on the transaction from any interested party. The comments should be provided not later than November 20, 2015. The expected decision date is January 7, 2016.
You can view the regulatory announcement by clicking here.