The proposed £5b merger of Irish betting operator Paddy Power and UK betting exchange Betfair has been given the all-clear from the companies’ shareholders.
Paddy held an extraordinary general meeting in Dublin on Monday, during which over 99% of its shareholders voted in favor of the union. Betfair shareholders expressed a similarly convincing margin of approval in their own vote on Monday.
The deal still requires the approval of Ireland’s merger watchdog but expectations are that it will follow the lead of its UK counterpart, which expressed its approval of the deal late last week. Assuming that approval is forthcoming, the companies expect to conclude their arrangement by the end of Q1 2016, after which the redundancy axes can begin achieving those expected £50m in ‘synergies.’
In other Paddy developments, the company has reportedly reached an out of court settlement with former Manchester United and Ireland footballer Roy Keane, who sued the Paddsters in July over their unauthorized use of his image in yet another cheeky promotional campaign.