| Paddy Power Buys Remainder of Sportsbet |
| Written by Mark Bennett |
| Thursday, 23 December 2010 20:27 |
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Paddy Power the Irish bookmaker has confirmed that it will be buying up the remaining shares in Sportsbet, the Australian betting company. Paddy Power will pay around £86.2m for the 39.2 percent of the company that it does not currently own. It initially invested in Sportsbet in 2009, buying up 51 percent of the company and providing it opportunities in the Australian online betting markets. The new deal will be completed in the next two months. As part of the agreement if earnings at Sportsbet exceed A$80m in 2013 Paddy Power will pay an extra A$25m. Chief Executive at Paddy Power, Patrick Kennedy, described the investment as "a cracking business". "The team has made great strides in marrying the best of both Sportsbet and Paddy Power," he added. "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."
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