Paddy Power to acquire International All Sports
Paddy Power paid 27.2 million euros for the controlling stake in Sportsbet, which provides betting on Australian racing and other sports for online and telephone customers, and this latest deal is valued at 22.4 million euros.
Sportsbet already has a 19.98 % stake in International All Sports, which also provides betting on racing and sports for Australian customers via telephone and online, and the new combined business will be run by Sportsbet’s CEO, Matt Tripp.
“This acquisition underpins the potential of Sportsbet to build its market position under Matt Tripp's leadership and expands Paddy Power's reach into the Australian market,” said Patrick Kennedy, CEO for Paddy Power.
International All Sports Limited had been at subject of a long-running takeover attempt by rival CentreBet International Limited, which ultimately failed following a ruling from the nation’s Takeovers Review Panel in March.
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