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NEWS 3 February 2016

Paddy Power Betfair is out of the blocks

By Edward Obeng
Paddy Power Betfair PLC closed its first day on the London Stock Exchange with a share price of £104.90, after the completion of one of the gambling sector’s biggest mergers.

The new body, which is predicted to have combined revenues of over £1.1bn, said: “The company is pleased to announce that with the scheme having now become effective, all of the conditions to the recommended merger have been satisfied and completion has occurred.”

The merger was announced in August and the operators said their goal was to create the world's largest public online betting and gaming companies.

Paddy Power Betfair declared details of its board of directors, with the resignation of Cormac McCarthy, Tom Grace and Ulric Jerome as directors.

Breon Corcoran is chief executive, Alex Gersh is CFO and Ian Dyson is a non-executive director and senior independent director.

Zillah Byng-Thorne, Peter Jackson and Peter Rigby have all been appointed as non-executive directors.

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