Deals
Paddy Power to Buy Betfair to Create Online Gambling Giant
- Final terms of transaction announced by betting companies
- New company may become part of U.K.'s FTSE 100 Index
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Paddy Power Plc settled the terms of its combination with Betfair Group Plc, agreeing to acquire its competitor for 2.87 billion pounds ($3.2 billion) in a deal that creates the biggest publicly listed online-gaming company.
Two weeks after announcing an agreement to merge, the companies provided final details on Tuesday, including an estimate for annual pretax cost savings of about 50 million pounds. The enlarged company looks set to become part of the U.K. benchmark FTSE 100 Index, according to Peel Hunt analyst Nick Batram.