24th of February 2011 Author: Glo Wood
The rest of the stake gets an almost unanimous vote
According to recent reports from Ireland, the acquisition of the remaining minority stake in Australian bookmaker Sportsbet got a nearly unanimous approval from the shareholders of the biggest Irish bookmaker Paddy Power at an extraordinary general meeting held in Dublin.
The first Sportsbet acquisition by Paddy Power occurred in May 2009, when the Irish company acquired 51 percent in Sportsbet; the next time it acquired another 9.8 percent in February 2010; finally, in December 2010 it Paddy Power stated it plans to purchase the rest of 39.2 percent for a consideration of AUS$132.6 million.
According to certain assessments, in case Sportsbet's EBITDA goes over AUS$80 million, Paddy Power will make an additional AUS$25 million.
In regards to the deal, Paddy Power CEO Patrick Kennedy told shareholders that taking full control of Sportsbet will lead to more opportunities for the company in the fast-growing Australian market, but also to instantly noticeable enhancement of earnings.
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