Leading sports betting operators Paddy Power and Betfair have agreed a merger that will create one of the largest online gaming operators in the world, with combined annual revenues of more than £1.1bn and a joint value of around £6bn.
If the deal goes ahead, the two companies’ boards will merge, with Betfair CEO Breon Corcoran becoming chief executive of the combined group while Paddy Power boss Andy McCue would become chief operating officer.
In a statement, the companies said discussions were ongoing but that there was "compelling strategic logic" to the deal.
Paddy Power investors would own 52 per cent of the combined business, with Betfair shareholders owning the remaining 48 per cent.
In July, the Paddy Power twitter account joked that the bookmaker would combine with Betfair to create “Betty Power”.
