Paddy Power buys rest of Australian Sportsbet for us$ 135.5 million
Paddy Power will pay us$ 112.5 million in cash from its existing reserves and will issue us$ 18.9 million of new shares. The deal includes the assumption of a us$ 4,090,040 million obligation to certain Sportsbet employees. An additional consideration up to us$ 25,5 million is payable if Sportsbet's 2013 EBITDA exceeds us$ 81,8 million. A special dividend of us$ 8,6 million will be paid to Sportsbet shareholders prior to completion.
Paddy Power said the transaction provides increased exposure to the growing regulated Australian online market. The acquisition is expected to be earnings enhancing in 2011.
The company took an initial 51% stake in Sportsbet in July 2009, increasing to 60.8% in February. The six vendors are members of the Sportsbet management team and/or board. Sportsbet reported a pre-tax profit of us$ 20.7 million for the year to end-June and had gross assets if us$ 119,1 million.
Wazdan shortlisted in five categories at SBC Awards Americas 2026
Flutter boosts prediction market spending despite Q1 profit slump, cuts 2026 outlook
FanDuel CEO Amy Howe exits as Flutter faces industry shift and lowered forecast
PrizePicks expands motorsports presence through Arrow McLaren IndyCar agreement
Zitro Digital appoints Thiago Valadão as Commercial Director for Brazil
Riddec Games enters Nirmata Play distribution network through Stargate partnership
Sportsbook integration: Deploying betting widgets at scale
Flows secures Pennsylvania Gaming Control Board authorisation
Aristocrat Gaming showcases new Asia-focused portfolio at G2E Asia
