Thursday August 27,2015 : PADDY POWER BETFAIR CO-FOUNDERS LAUGHING ALL THE WAY TO THE BANK
Spike in share price as merger news breaks.
On the back of a possible Paddy Power-Betfair merger, share prices rose sharply in both companies, no doubt elating Betfair co-founder Ed Wray and Paddy Power’s David Power.
Betfair’s share price rose 21.36 percent to GBP 31.59 as we went to press effectively increasing the worth of Wray’s 9.5 percent holding by at least GBP 50 million. Betfair’s market capitalization at close today was GBP 2.809 Billion.
Betfair was borne 15 years ago when Wray (45), and Andrew Black (50) pooled GBP 60 000 of their savings to form Betfair which launched in 2000.
And Paddy Power co-founder, David Power, who with 8 percent is Paddy Power’s biggest individual shareholder, will have seen the value of his shares rise by approximately Euro 50 million to around Euro 320 million today as the share price closed 19.52 percent up at Euro 93.00 giving Paddy Power a market capitalisation of Euro 4.095 billion.
Paddy Power was founded back in 1988 by bookmakers Stewart Kenny, David Power, and John Corcoran.