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Paddy Power's shareholders unanimous on minority stake

The Irish Times reports that Ireland's largest bookmaker Paddy Power's shareholders have given their near unanimous vote at an extraordinary general meeting held in Dublin to purchase the remaining minority stake in Australian bookmaker Sportsbet .

Paddy Power acquired 51% in Sportsbet in May 2009, an additional 9.8% in February 2010 and further announced in December 2010 its intention to take up the remaining 39.2% for a consideration of AUS$132.6 million.

Paddy Power will make an additional AUS$25 million if Sportsbet's EBITDA exceeds AUS$80 million.

Patrick Kennedy , Chief Executive, Paddy Power told shareholders that the rationale for the deal is both strategic and financial in that taking full control of Sportsbet will increase Paddy Power's exposure to the fast-growing Australian market and to one of the top performing developed economies and that the acquisition will be earnings enhancing from the start.

Source: InfoPowa News

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