Update Sportsbet Acquisition Finalized

Paddy Power buys off the remaining 39.2 percent

An announcement came this week from the Irish betting company, Paddy Power, according to which it acquired the final 39.2 percent minority shareholding in Australian group Sportsbet Pty Ltd.

The company first bought 51 percent in Sportsbet in May 2009, then it acquired another 9.8 percent in February 2010, but it was not until December 2010 that Paddy Power announced that it plans to offer AUS$132.6 million to buy the rest of 39.2 percent.

In addition to the deal, Paddy Power has issued 455,535 ordinary shares of Euro 0.10 each to Sportsbet shareholders.

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