Betfair and Paddy Power are set to merge in February, with the UK's Competition and Markets Authority having cleared the deal, according to Racing Post. The company will be listed on the London Stock Exchange and Irish Stock Exchange from Feb. 2 as Paddy Power Betfair PLC.
The merger, which was announced in August, will see Paddy Power shareholders own 52% of Paddy Power Betfair, and Betfair shareholders will own the remainder.
Breon Corcoran, the chief executive of Betfair and former chief operating officer of Paddy Power, will be the chief executive of the new organization, and Paddy Power's chief executive Andy McCue will be COO.
Also in the works with the Competition and Markets Authority is a possible merger of Ladbrokes and Coral. A decision on that merger is due by June 24, according to Racing Post.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
