Paddy Power and Betfair have agreed on terms for a potential merger, which will see the two former rivals become the one entity.
The pair announced to the stock exchange their plans to create the Paddy Power Betfair Group, which will see Paddy Power own a 52% stake in the company.
Shareholders in Paddy Power are set to make a instant profit immediately after completion of the merger, as a special dividend of €80 million will be paid out to each individually.
The new company will be headed by the current Betfair CEO, Breon Corcoran, who has previously held the same position at Paddy Power.
If the companies do merge, it's still subject to approval by shareholders and competition regulations, their combined income will be roughly €1.5 billion, making it one of the largest gambling companies in the world.
Via The Guardian