Merger talk sees Paddy Power and Betfair shares surge in value

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Shares in Irish bookies Paddy Power rallied yesterday in the wake of the news it is planning a merger with Betfair to create  the world’s biggest gambling companies with could see revenues surpass €2 billion.

The announcement came yesterday that Paddy Power and Betfair have agreed outline terms of a possible merger; simultaneously the Irish company reported that their profits for the first half of 2015 rose 33% to €80 million.

This saw Paddy Power’s stock climb by over 19% to close the day at €93 on the Dublin stock exchange yesterday with over three million of its shares changed hands during the course of the day. Betfair stocks also rose significantly on the  London exchanges , adding 20.4% to finish at 3,134p.