Irish sports betting company Paddy Power Betfair plc said Aug. 8 that it entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC to repurchase shares on the company's behalf for a maximum consideration of £300 million, as part of its previously announced £500 million share buyback plan.
The £300 million share repurchase is the second buyback tranche of the £500 million share repurchase program. The first tranche of $200 million was launched on May 29 and is currently underway, Paddy Power said.
The second repurchase tranche will begin after all the transactions under the first tranche are completed. It will run until no later than Feb. 28, 2019, subject to market conditions.
The company can repurchase a maximum of 12,692,692 shares under the second buyback tranche less the number of shares repurchased in the first tranche.