A £5bn deal is set to materialize in a merger between Betfair and Paddy Power that would eventually pave the way for one of the largest gaming companies worldwide. The deal would see Paddy Power as majority shareholder, with 52%, with Betfair taking the rest of the shareholding. The annual forecast revenue is anticipated to reach £1.1bn.
This potential merger would likely see Breon Corcoran, Betfair head, as CEO of the new group, Andy McCue, Corcoran’s equivalent at Paddy Power, would become COO.
Mr Corcoran reiterated his belief: “We fundamentally believe this industry is all about scale. By putting together two distinct but phenomenally strong brands, we’ll have a market leading position in the UK, Ireland, Australia and in the United States.”