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Irish online gambling group Paddy Power increased it's holdings in SportsBet Australia Pty Ltd by 9.8% this week to a total of 60.8% in ownership. Paddy purchased the increased stake from Nambawan Capital for €8.5 Million ($11.57 million) in terms of a clause in its original May 2009 agreement to buy in to the company that allows further ownership moves.
Business Week reports that Paddy Power's total investment in SportsBet totals €41.3 Million ($56.24 million), which clearly represents a significant controlling interest in the company. SportsBet Australia represents just one of several potential takeover candidates for the expanding Irish bookie.
In a statement Paddy Power management noted that the remaining 39.2% of Sportsbet's shares would remain subject to existing transaction arrangements. Paddy Power has the option to buy the remaining interest in SportsBet Australia during 2012 or 2013.
Source: InfoPowa News
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