The UK’s competition watchdog has given the green light to the Paddy Power–Betfair merger, while Ladbrokes and Gala Coral Group are getting antsy about their own engagement.
On Thursday, the UK Competition and Markets Authority (CMA) announced that it had given Phase 1 approval to the union of Irish betting operator Paddy Power and UK online betting exchange Betfair. The companies say the way is now clear for their merger to be completed in Q1 2016.
In September, the companies announced they’d reached terms on a deal and the CMA’s investigation began last month. The CMA wasn’t expected to render its verdict until the first week of January but it apparently found both companies on their Christmas ‘nice’ list and decided to spread the good cheer in time for the holidays.
The proposed merger of UK bookmakers Ladbrokes and Gala Coral was announced in July yet the CMA only officially commenced its inquiry on Thursday. The normal 40 working day timeline for completion of the Phase 1 investigation would mean a verdict wouldn’t be forthcoming until Feb. 15.