Shortly after the proposed merger of Paddy Power plc and Betfair Group Ltd (LON:BET) secured the nods of approval of the UK Competition and Markets Authority (CMA) and Ireland’s Competition and Consumer Protection Commission (CCPC), the deal got the approval of a UK court.
The High Court of Justice of England and Wales has today made an order sanctioning the Scheme of the deal, upon which the two companies agreed in September 2015.
The trading in the Betfair Shares on the London Stock Exchange’s market for listed securities and the listing of the Betfair Shares on the Official List will be cancelled with effect from 8:00 a.m. tomorrow.
New Paddy Power Betfair Shares being issued to Betfair Shareholders pursuant to the Scheme are set to be admitted to listing and trading on the London Stock Exchange and Irish Stock Exchange at 8.00 a.m. on February 2, 2016.
You can view the official announcement on the legal decision by clicking here.