Paddy Power says proposed Betfair merger “very attractive”

Group CFO Cormac McCarthy says still lots to be done on possible deal

The two firms said discussions were ongoing regarding some terms of the all-share merger that would create one of the world’s largest online betting and gaming groups
The two firms said discussions were ongoing regarding some terms of the all-share merger that would create one of the world’s largest online betting and gaming groups

Paddy Power believes its proposed merger with British rival Betfair is a very attractive opportunity to create the world's biggest online gaming company, the Irish bookmaker's chief financial officer said on Wednesday.

“We think this is a very attractive opportunity, the scale and capability is unsurpassed and would leave us in a much better place to compete in our current markets where competition is intense,” Paddy Power chief finanical officer Cormac McCarthy told Reuters in a telephone interview.

“We are enthused by this, we think it’s very attractive but at the moment it’s just a possibility and there’s a lot to be done in the coming weeks and months.”

The two firms said discussions were ongoing regarding some terms of the all-share merger that would create one of the world’s largest online betting and gaming groups with revenues of over €1.5 billion.

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Shares in Paddy Power were trading up almost 16 per cent in Dublin this morning at €89.95.

Reuters