GENEVA: Paddy Power Plc settled the terms of its combination with Betfair Group Plc, agreeing to acquire its competitor for £2.87bil (US$3.2bil) in a deal that creates the biggest publicly listed online-gaming company.
Two weeks after announcing an agreement to merge, the companies provided final details on Tuesday, including an estimate for annual pretax cost savings of about £50mil. The enlarged company looks set to become part of the UK benchmark FTSE 100 Index, according to Peel Hunt analyst Nick Batram.
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