Blackrock boosts stake in Paddy Power for €28.5m

Move involves the purchase of 346,023 Paddy Power Betfair shares

Investment giant Blackrock has boosted its stake in Paddy Power Betfair for an estimated €28.5 million.

US-based Blackrock increased its holdings in the Irish company to 6.41 per cent from 6 per cent on Friday, September 15th, according to an Irish Stock Exchange notice.

The move involved the purchase of 346,023 Paddy Power Betfair shares, valued at €28.51 million at Friday’s closing price of €82.41.

Paddy Power Betfair’s stock was 1.29 per cent up at the close of business on Friday.

Blackrock is the world’s biggest money manager. By the end of March this year, was managing $5.4 trillion worth of assets on its client’s behalf.

Paddy Power Betfair’s shares suffered recently when it emerged that chief executive Breon Corcoran was planning to leave.

The news broke shortly before the betting group published results showing profits for the six months ended June 30th up 22 per cent at €199 million.