The most notable deal of the month was the agreement between Betfair Group plc and Paddy Power plc on a £5bn merger to create one of the world’s largest gambling businesses with more than 7,000 employees and £1.2 billion in sales.
The details of the merger were confirmed after the plans were revealed in August, marking the latest in a string of deals within the UK betting industry following the merger of Ladbrokes and Gala Coral in July.
The combined group, which will be known as Paddy Power Betfair, will be headquartered in Dublin and will continue to run separate brands in the UK, Ireland and Italy. The merger will see Paddy Power shareholders own 52% if the combined business with betfair shareholders owning the remaining 48%.
Elsewhere, the UK Competition and Markets Authority (CMA) formally cleared the £55 million acquisition of 99p Stores Ltd by Poundland Group plc. The deal will boost the number of Poundland stores in UK high streets by 40% as 251 99p Stores are added to its portfolio. The 99p Stores will be rebranded as Poundland Stores following the crucial Christmas trading period.