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Betfair – Paddy Power merger on course for 16Q1

The merger between Paddy Power and Betfair is all set to be completed early next year, according to Betfair CEO Breon Corcoran. 

During the exchange operator’s half year results, the company confirmed that all relevant regulatory filings have been submitted and the merger is on track for completion in 16Q1 , subject to shareholder and regulatory approval.

Betfair appears to be in rude health going into the merger. For the six months ended October 31 2015 the firm reported revenue up 15 percent to £274.4 million against a comparative period containing the World Cup and it even managed to absorb an extra £26.8 million in costs from the UK’s point of consumption tax to report a 9 percent increase in EBITDA to £80.5 million.

Corcoran said: “Betfair traded strongly in its key markets throughout the first half of FY16. These results, which came against a tough comparative period featuring last year’s football World Cup, are ahead of our original expectations and demonstrate the group’s continued strong momentum.”

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