Paddy Power merges with Betfair

Irish betting company Paddy Power is merging with Uk’s Betfair to create the worlds biggest online betting group. Shares in both groups have risen as a result.

The new company will be called Paddy Power Betfair plc and the merger should be completed by early 2016.

Shareholders in Paddy Power will have 52% of the new business. Both management teams are expecting synergies as a result of the merger.