14th Mar 2016 15:56
LONDON (Alliance News) - Freshly merged bookmaker Paddy Power Betfair PLC Monday said Non-Executive Director Stewart Kenny sold around EUR3.3 million in shares in the business.
Kenny, who served as Chief Executive of Paddy Power from 1988 to 2002, sold 27,000 shares at EUR120.38 each on Friday, leaving him with 330,432 shares. That is equivalent to a 0.395% stake in the business. He co-founded Paddy Power in 1988.
The Irish bookmaker bought rival Betfair last year in a deal creating one of the world's largest online gambling firms. The newly-merged entity will enter the FTSE 100 next Monday, with a market capitalistion of about GBP7.78 billion.
The stock was down 1.3% at 9,180.00 pence in London on Monday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Paddy Power Betfair