Isle of Man e-gaming company Paddy Power says its proposed merger with Gibraltar based Betfair is a very attractive opportunity and would create the world’s biggest online gaming company.
Paddy Power chief finanical officer Cormac McCarthy told Reuters, “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, 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.”
No financial details have yet been disclosed for the proposal, but the new combined group would have revenues of over ?1.1 billion.
Both companies warned there was no guarantee the deal would go through but they expect to make a further announcement in coming weeks.
The merged businesses would be called Paddy Power Betfair, with Paddy Power shareholders owning 52% and Betfair 48%.
There is no information if the merger would effect Paddy Power's Isle of Man operation or Betfair's Gibraltar e-gaming licence.
