Paddy Power merger with Betfair gets Irish clearance

Paddy Power’s recommended merger with Betfair has received clearance from Ireland’s Competition and Consumer Protection Commission.

The company said it expects the merger, which was cleared by the UK Competition and Markets Authority in December, to complete on 2 February.

The companies announced in September that they had agreed on a £5bn all-share merger that would create one of the world’s largest public online betting and gaming companies by revenue.

The merged entity will be called Paddy Power Betfair and Paddy Power shareholders will own 52% of the group, while Betfair shareholders will own the rest.

The company will be headquartered in Dublin and will have a premium listing on the London Stock Exchange and a secondary listing on the Irish Stock Exchange.

At 1600 GMT, Paddy Power shares were up 2.7% to €118.05 and Betfair was 3.9% higher at 3,786p.