Former rivals Paddy Power and Betfair are planning to create one of the world’s largest betting and gaming companies.
The London Stock Exchange made the announcement on its website on Wednesday.
Under the terms of the merger, Paddy Power shareholders will hold 52 percent of the combined company, while Betfair shareholders will own the remaining 48 percent. According to the London Stock Exchange, Paddy Power shareholders will get an €80 million special dividend immediately prior to the deal’s completion.
Paddy Power predicted the potential merger last month, and even jokingly tweeted the new company will be called Betty Power. But seriously, the new company will be named Paddy Power Betfair Group, according to RTE News.
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