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Betfair, Paddy Power Merger Approved By Shareholders

Deal Will Create €8 Billion Gambling Giant

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The massive merger of online gambling giants Paddy Power and Betfair was approved by shareholders of both companies this week, according to a report from the Irish Times.

Paddy Power shareholders will own 52 percent, while Betfair shareholders will own 48 percent, of the new company.

The deal creates a company with a combined value of €8 billion. The merger was for 2.87 billion pounds ($3.2 billion USD). The new company will be called Paddy Power Betfair and it will be one of the largest publicly traded online gaming companies in the world.

U.K. regulators have already approved the merger, but the Irish Competition and Consumer Protection Commission is still considering whether or not to give it the stamp of approval.

The companies announced the deal in August.