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Paddy Power takes leading position in Australia

23rd December 2010 9:16 am GMT

Ireland’s Paddy Power is bolstering its position in the Australian market with the acquisition of the remaining shares in Sportsbet, giving the company full ownership of Australia's largest corporate bookmaker.

Paddy Power first acquired a 51 per cent stake in Sportsbet Pty Ltd. in July 2009 for an initial payment of AUD$48.5 million, followed by a further 9.8 per cent stake in February of this year for $13m.

The company has now agreed to purchase the remaining [...]

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