Paddy Power acquires remaining shares in Sportsbet

After initially buying a majority share of leading Australian bookmaker Sportsbet, the successful Irish firm has decided to acquire the remaining shares and take full control.

Paddy Power to buy out Sportsbet

Irish bookmaker Paddy Power has agreed to buy the remaining shares in Australian betting company Sportsbet, giving it full control of the group.

Paddy Power will pay 132.6m Australian dollars ($133m; £86.2m) for the 39.2% stake that it does not already own.

Paddy Power first bought 51% of Sportsbet in 2009.

The overall buyout, which increases its exposure to online betting in Australia, is expected to complete by the end of February 2011.

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Patrick Kennedy, Paddy Power's chief executive, described Sportsbet as "a cracking business".

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