Paddy Power Betfair Initiates $660 Million Share Buyback

This story was published more than 5 years ago.

Internet casino group Paddy Power Betfair has announced that they're initiating a £500 million share buyback as it looks to reduce company share capital.

The company is initiating the buyback, which will take place over the next year to year and a half. The company is planning on purchasing back up to 12,692,692 shares. The company is planning on buying the shares back via the London Stock Exchange and the Irish Stock Exchange. The group will be facilitating the buyback through Goldman Sachs.

In a statement Paddy Power Betfair spoke about the buyback, revealing: "The purpose of the share buyback program is to reduce the Company's share capital. Shares purchased by the Group will be canceled."

The move comes a week after the company purchased FanDuel in an effort to begin offering sportsbetting in the newly open American market.

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About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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4 June 2018 - 3:05pm

I'm not aware of the stock exchanges trades and moves but I think the company expecting their shares to increase in value in the next years and that's why the making this buyback, at least that's the logic for me.