Paddy Power Betfair PLC on May 29 launched an initial £200 million share repurchase program as part of its previously announced plan to return £500 million of cash to shareholders over the next 12 to 18 months.
The Irish sports betting and gaming company can repurchase a maximum of 12,692,692 ordinary shares under the first tranche of the program, which will continue for three months, according to a regulatory filing.
The initial buyback plan will be run by Goldman Sachs International on behalf of the company.
The program is aimed at reducing the company's share capital. It comes a week after Paddy Power entered into a merger agreement with New York-based fantasy sports company FanDuel Inc.
