Two years ago Paddy Power acquired 51 per cent of Sportsbet and increased its stake in the company to 60.8 per cent last February.
It announced its intention to buy up the outstanding shares for a consideration of EUR100.9million last December.
Chairman Nigel Byrne said in a letter to shareholders that taking full control of Sportsbet will increase Paddy Power’s exposure to the fast-growing Australian online market.
The deal cleared its final hurdle yesterday when it was given the go-ahead by Paddy Power shareholders, who voted virtually unanimously in favour of it at an extraordinary general meeting in Dublin’s Burlington Hotel.
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He added: “Paddy Power can now invest further in Sportsbet and drive its development, while securing full participation in the anticipated upside.”
PADDY POWER shareholders yesterday approved a move which will result in the firm taking over Australian bookmaker Sportsbet, writes Jessica Lamb.
Paddy Power have acquired 60.8 per cent of Sportsbet in the past two years and had its plan to buy out the company approved earlier this month by the Australian Foreign Investment Review Board.