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PaddyPower pays Euro 101 million for the rest of Sportsbet
Posted By Michael Smith on 12/24/10 : Betting group pays Euro 101 million for the rest of Sportsbet
The land and online betting group Paddy Power, which acquired a 51 percent interest in the Australian group Sportsbet for Euro 27.2 million in 2009, has locked up the remaining shares by exercising its option to buy the remaining shares of the company. Paddy Power has invested a further Euro 100.9 million in completing the acquisition.
Describing Sportsbet as "a cracking business", Paddy Power CEO Patrick Kennedy said his company's confidence that Sportsbet would be a profitable investment had been borne out "and then some."
He revealed that the two companies had made great progress in merging the best of both organisations, allowing Paddy Power to drive development and investment and secure full participation in the upside of the business.
Kennedy expects the deal to be finalised by March 2011, with the consideration paid through Euro 83.8m in cash from Paddy Power’s existing cash reserves, and the issue of Euro14.1 million of new Paddy Power shares calculated by reference to a share price of Euro29.17 per share and the Australian dollar exchange rate immediately prior to completion; and the assumption of a Euro 3 million obligation to “certain Sportsbet employees”.
A company statement revealed that a maximum additional payment of A$25 million is payable if Sportsbet’s 2013 EBITDA exceeds A$80 million. A special dividend of Euro6.5 million will also be paid to all Sportsbet shareholders prior to completion.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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