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PADDY POWER LOCKS UP AUSSIE ACQUISITION
23rd December, 2010 at 15:50:36
Betting group pays Euro 101 million for the rest of Sportsbet
The land and online betting group Paddy Power, which acquired a 51% interest in the Australian group Sportsbet for Euro 27.2 million in 2009 (see previous reports), has locked up the remaining shares by exercising its option to buy the remaining shares of the company. Paddy Power has invested a further Euro 100.9 million in completing the acquisition.
Describing Sportsbet as "a cracking business", Paddy Power CEO Patrick Kennedy said his company's confidence that Sportsbet would be a profitable investment had been borne out "and then some."
He revealed that the two companies had made great progress in merging the best of both organisations, allowing Paddy Power to drive development and investment and secure full participation in the upside of the business.
Kennedy expects the deal to be finalised by March 2011, with the consideration paid through Euro 83.8m in cash from Paddy Power's existing cash reserves, and the issue of Euro14.1 million of new Paddy Power shares calculated by reference to a share price of Euro29.17 per share and the Australian dollar exchange rate immediately prior to completion; and the assumption of a Euro 3 million obligation to certain Sportsbet employees.
A company statement revealed that a maximum additional payment of A$25 million is payable if Sportsbet's 2013 EBITDA exceeds A$80 million. A special dividend of Euro6.5 million will also be paid to all Sportsbet shareholders prior to completion.
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