Paddy Power Betfair merger cleared by CMA

proposed merger between Betfair and Paddy Power has received clearance from the UK Competition and Markets Authority (CMA).

The CMA published invitation to comment on the proposed merger in November, with a 20 November deadline for comments from interested parties.

The operators fully agreed the terms of a recommended all-share merger to create Paddy Power Betfair in September.

It has been confirmed that Paddy Power shareholders will own 52% of the merged entity, with Betfair shareholders owning 48%.

Paddy Power expects the deal to be completed in the first quarter of next year, with Breon Corcoran of Betfair to serve as the merged operator’s CEO.

Corcoran had worked as COO of Paddy Power before leaving to become Betfair CEO in 2012.

Paddy Power CEO Andy McCue will become COO of Paddy Power Betfair, with the operator to be headquartered in Dublin.