Betfair and Paddy Power have confirmed details of their £5.8 billion merger that will create a massive FTSE100 gambling company.
Paddy Power had joking claimed on social media that the new company would be called 'Betty Power', however the new company is set to be named Paddy Power Betfair and sees Paddy Power shareholders hold a 52% stake in the new company with Betfair’s investors holding the remaining 48%. Current Betfair chief executive Breon Corcoran will head the merged company.
The deal creates a company with £1.