Shareholders approve Paddy Power Betfair merger

CMA grants clearance to Betfair-Paddy Power mergerShareholders of both Betfair and Paddy Power have voted to approve their proposed merger.

The two brands in August announced plans to merge in a move that could lead to the creation of a new combined operation worth as much as £5.8 billion (€8 billion/$8.7 billion).

Betfair on Friday said that the merger was still on track to go ahead as planned in the first quarter of 2016, with the UK Competition and Markets Authority having given its clearance to the move.

Betfair has now announced at its Court Meeting and General Annual Meeting that its shareholders have also voted to approve a scheme that has been put forward as part of the proposed merger.

Shareholders approve Paddy Power Betfair mergerAt the Court Meeting, a total of 262 shareholders voted in favour of the merger, with just two casting their votes in opposition of the proposed deal.

During the Betfair General Annual Meeting, 99.99% of Betfair shares were cast in favour of the move, with the remaining 0.001% voting against.

Completion of the merger remains subject to the satisfaction of the remaining conditions, including the sanction of the Scheme by the Court and CCPC approval.

Both companies said they expect the merger to go through in the first quarter of 2016.

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