Paddy Power Betfair kicks off share buy-back program

Paddy Power Betfair plc has followed up on its Q1 trading update pledge to return GBP 500 million to shareholders over the next 12 to 18 months, initially commencing with a share buyback of GBP 200 million.

In a stock exchange advisory Tuesday the company revealed that it has entered into irrevocable, non-discretionary arrangements with Goldman Sachs International to repurchase ordinary shares on its behalf for a maximum consideration of GBP 200 million.

The share buyback programme will commence 29 May 2018 and continue for 3 months, subject to market conditions. The maximum number of ordinary shares to be repurchased under the share buyback programme is 12,692,692, and the purpose of the share buyback programme is to reduce the company’s share capital. Shares purchased by the Group will be cancelled.

Goldman Sachs International will make its trading decisions in relation to the company’s securities independently of, and uninfluenced by, the Paddy Power Betfair group.

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