Paddy Power Acquires All Remaining Shares In Sportsbet

PADDY POWER ACQUIRES ALL REMAINING SHARES IN SPORTSBET

01st January, 2011 at 03:43:30
Source: http://www.azonlinecasinos.com

Aquisition Of All Remaining Shares Gives Paddy Power Full Control of Sportsbet

Irish bookmaker and gambling company, Paddy Power, has bought up all the remaining shares in Australian online betting firm Sportsbet, giving it full ownership of the business.

Paddy Power, scooped up the remaining 39% shareholding for AU$130.6m (85.7m) and will pay an additional AU$24m if the business exceeds profit targets set for 2013. The Dublin-based firm said the investment allowed them to enter a ‘growing market’ in a business with ‘strong potential’.

‛When we acquired 51% of Sportsbet in 2009 we were confident that we were investing in a business with strong potential in a growing market,“ said Patrick Kennedy, chief executive of Paddy Power. That confidence has been borne out and some. It's a cracking business. The team has made great strides in marrying the best of both Sportsbet and Paddy Power. This is a good deal to acquire the remaining shares early which will allow us to drive development and investment and secure full participation in the upside of the business,“ he added.

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