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Paddy Power nears completion of Sportsbet acquisition

11th February 2011 10:27 am GMT

Ireland’s Paddy Power said Thursday that it has obtained approval from the Treasurer of the Commonwealth of Australia regarding the company’s planned acquisition of the remaining shares in Sportsbet, Australia’s largest corporate bookmaker.

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

In December, the company agreed to purchase the remaining 39.2 per [...]

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