Paddy Power Completes Sportsbet Acquisition

PADDY POWER COMPLETES SPORTSBET ACQUISITION

01st March, 2011 at 08:35:31
Source: http://www.azonlinecasinos.com

Final 39.2% acquired by betting firm

Irish betting firm, Paddy Power announced the completion of its acquisition of the remaining 39.2% minority shareholding in Australian group Sportsbet Pty Ltd.

Paddy Power acquired 51% in Sportsbet in May 2009, an additional 9.8% in February 2010 and further announced in December 2010 its intention to take up the remaining 39.2% for a consideration of AUS$132.6 million (see previous reports).

As part of the consideration for the transaction, Paddy Power has issued 455,535 ordinary shares of Euro 0.10 each to Sportsbet shareholders.

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