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.