PADDY POWER COMPLETES SPORTSBET ACQUISITION

Posted 3/1/11 : PADDY POWER COMPLETES SPORTSBET ACQUISITION

Final 39.2 percent acquired by betting firm
 
Irish betting firm, Paddy Power announced the completion of its acquisition of the remaining 39.2 percent minority shareholding in Australian group Sportsbet Pty Ltd.
 
Paddy Power acquired 51 percent in Sportsbet in May 2009, an additional 9.8 percent in February 2010.

And further announced in December 2010 its intention to take up the remaining 39.2 percent for a consideration of AUS$132.6 million.
 
As part of the consideration for the transaction, Paddy Power has issued 455,535 ordinary shares of Euro 0.10 each to Sportsbet shareholders.