Casino News: Paddy Power get hold of remaining stake of Sportsbet

Paddy Power get hold of remaining stake of Sportsbet

 December 30, 2010, 10:26 am (7 years ago)
Paddy Power plc, has decided to acquire the remaining 39.2% stake in Sportsbet Pty., Ltd. Paddy Power plc is an Ireland-based provider which is known for fixing odds sports betting. Sportsbet Pty. Ltd is an Australian based bookmaker recognized by the players for online sports and racing, for an amount of AUD132.6 million that counts 132.36 million in US dollars.

The deal will be accomplished by the payment of AUD110.1 million counting 109.9 million US dollars in cash, by issue of AUD18.5 million i.e. US 18.4 million dollars of new Paddy Power shares and the supposed contribution of Sportsbet workers of around AUD4 million i.e. US $ 3.9 million.
Additionally, AUD25 million that is 24.96 million in US dollars at max is payable, if the earnings in 2013 before interest, tax, depreciation and amortization (EBITDA) go beyond AUD80 million payable as 79.86 million in US dollars.

The desired transaction of acquiring the remaining stake is expected to be accomplished by end of the February 2011.

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