LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Less than a month after the proposed merger of Paddy Power plc and Betfair Group Ltd (LON:BET) got the nod of consent of the UK Competition and Markets Authority (CMA), the deal secures the approval of Ireland’s Competition and Consumer Protection Commission (CCPC).
The Irish watchdog today announced that it has cleared the proposed merger. The Commission said it “formed the view that the proposed transaction will not substantially lessen competition in any market for goods or services in the State”.
The deal, initially unveiled in late August 2015, will lead to the establishment of a new combined entity, named Paddy Power Betfair plc, which is anticipated to achieve recurring annual pre-tax cost synergies of approximately £50 million.
If the merger scheme is sanctioned by the Court on February 1, 2016, the merger is set to complete on February 2, 2016. Following the merger completion, the Paddy Power Betfair shares are expected to be admitted to: (i) the premium listing segment of the Official List of the FCA and to the secondary listing segment of the Official List of the Irish Stock Exchange as an overseas company; and (ii) trading on the London Stock Exchange’s main market for listed securities and the Irish Stock Exchange’s Main Securities Market immediately thereafter.
You can view the full announcement on the regulatory decision by clicking here.