Paddy Power and Betfair have agreed terms on their proposed merger to create Paddy Power Betfair, with the enlarged group headquartered in Dublin and listed on the London and Irish stock exchanges.

The recommended all-share merger of the two parties will be implemented by way of a scheme of arrangement of Betfair.

Paddy Power shareholders will own 52 per cent of the enlarged group, with Betfair shareholders owning 48 per cent.

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