Sports betting and gaming giants Paddy Power and Betfair have agreed on a merger operation that, if successful, will create one of the world's biggest online betting and gaming groups.
The two companies announced the surprising deal in a joint statement published on August 26 by the London Stock Exchange.
"The boards of Paddy Power and Betfair are pleased to announce that they have reached an agreement in principle on the key terms of a possible merger of Paddy Power and Betfair to create Paddy Power Betfair plc," the statement writes.