15th Jan 2016 15:49
LONDON (Alliance News) - Paddy Power PLC on Friday said its recommended merger with Betfair Group PLC has been cleared by the Competition and Consumer Protection Commission in Ireland.
The betting company said it expects the merger to complete on February 2.
The merged company, to be called Paddy Power Betfair, will create one of the world's largest online gambling firms with combined revenue of around GBP1.10 billion.
The merger was given the all clear by the UK Competition and Markets Authority in December.
Shares in Paddy Power were trading up 2.7% at EUR118.05 on Friday afternoon, while Betfair shares were up 4.2% at 3,798.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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