Paddy Power, Betfair Agree to Create `Very Big Beast'

Paddy Power Plc and Betfair Group Plc plan to merge in a deal that creates the world’s biggest publicly-listed online gaming company, the latest in a wave of combinations across the industry.

Talks on the structure of the transaction have yet to be concluded, though agreement has been reached in principle, the companies said in statements on Wednesday. Betfair’s Breon Corcoran, a former Paddy Power executive, will lead the enlarged business, which will have annual revenue of more than 1.5 billion euros ($1.7 billion).