The deal gives the Irish betting firm, Paddy Power, a 52 per cent ownership of the company leaving Betfair with 48 per cent.
The new company is expected to have revenues of more than £1.1bn and will have opportunities to expand in Europe, the US and Australia. It will be run by Betfair’s chief executive, Breon Corcoran, who joined from Paddy Power three years ago and is credited with increasing Betfairs UK numbers by 250 per cent as well as lifted its share value from about £750m to £2.4bn. Paddy Power’s chief executive, Andy McCue, will be chief operating officer and Read full story ›
Source: The Drum
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