Gilbert + Tobin has advised Paddy Power plc, the largest bookmaker in Ireland and one of the top five in the United Kingdom, on its A$132.6 million cash and scrip acquisition of the remaining 39% minority interests in Sportsbet Pty Limited.
This transaction makes Sportsbet a wholly owned subsidiary of the Irish and London Stock Exchange listed bookmaker. Sportsbet is a leading Australian licensed online sports and racing bookmaker.
Corporate Advisory Partner Marko Komadina advised Paddy Power in this transaction and was assisted by Senior Lawyer Michael Gajic. They have previously advised Paddy Power:
- on its A$48.5 million acquisition of 51% of Sportsbet in July 2009;
- in relation to Sportsbet’s $40 million acquisition of International All Sports Limited by scheme of arrangement in October 2009; and
- on its A$13 million buy-out of a 10% minority interest in Sportsbet in February 2010, which gave Paddy Power a 61% interest in Sportsbet.
“We are pleased to have advised Paddy Power on this series of acquisitions which demonstrate their confidence in Sportsbet’s business and the Australian wagering market”, Mr Komadina said.
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