6th Oct 2015 05:53
LONDON (Alliance News) - Two prominent investors in online gambling company Betfair Group PLC are set to sell around GBP250 million worth of shares in the business a month after it agreed to GBP6 billion merger with rival Paddy Power PLC, The Daily Telegraph reported.
Edward Wray, the former JPMorgan banker who founded the company, and Bernard Arnault, the head of luxury goods giant LVMH, are planning to offload their shares.
Wray is set to sell 2.75 million shares in the company, while Arnault, via his Le Peigne vehicle, will halve his stake by selling 4.6 million shares.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/11913346/Betfair-investors-to-raise-250m-from-share-sale.html
By Sam Unsted; [email protected]; @SamUAtAlliance
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