Shareholders approve Paddy Power Betfair merger

y Power and Betfair shareholders have approved a proposed merger between the two companies.

In August this year the operators announced plans to merge in a deal that would lead to one of the world's biggest gambling businesses, worth up to £5.8bn.

The merged business will be called Paddy Power Betfair and will have its headquarters in Dublin.

A Court meeting saw Betfair shareholders approve a scheme of arrangement related to the merger by 262 votes to two.

The Betfair General Meeting saw 99.999% vote in favour.

Meanwhile Paddy Power shareholders approved the deal at the Irish firm's EGM.

The merger will result in Paddy Power shareholders owning 52% of the new firm and Betfair shareholders owning the remaining 48%.

The UK Competition and Markets Authority has already given its clearance to the deal, but completion of the merger still relies on the Competition and Consumers Protection Commission's approval.

Both companies still expect the merger to go through during the first quarter of 2016.