Paddy Power and Betfair shareholders meet to vote on merger plans

The two companies plan to create one of the world's biggest gambling groups

Paddy Power, Betfair , business

Paddy Power / Twitter

Paddy Power and Betfair shareholders will meet separately today to vote on their proposed merger.

The two companies intend to join to create one of the world's largest gambling groups, with combined revenues of between €1.5bn and €2bn and a stock market valuation of close to €8bn. Paddy Power shareholders will meet in Dublin, while Betfair's meet in London.

The pair announced plans to join together in August of this year - Paddy Power will get a 52% stake in the new entity if the merger goes ahead.

Paddy Power chief executive Andy McCue will become its chief executive officer - while Paddy Power chief executive Andy McCue will become its chief operating officer.

If as expected both sides back the deal, and it receives approval from competition authorities, the deal is expected to be completed before the end of March.

Meanwhile, Paddy Power's brash social media marketing team was out in force last night baiting world heavy weight boxing champion Tyson Fury with this projection in Belfast where the boxer attended the BBC's annual sports award ceremony.