11 May 2016 15:05
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Don't have an account? Click here to register.Paddy Power buys 51% of Georgia's Adjarabet for £101m
Fri, 01st Feb 2019 07:35
(Sharecast News) - Paddy Power Betfair said it had bought an initial 51% controlling stake in Georgian betting outfit Adjarabet for £101m, adding that it expected to snap up the rest of the company within three years.Adjarabet is licensed to offer a full suite of online betting and gaming products in Georgia including casino, sports, poker and peer-to-peer games. It has an estimated 40% share of total online revenues.Paddy Power said a mechanism of call and put options had been agreed for , the remaining 49% after three years at a valuation equivalent to seven times 2021 earnings before interest, tax, depreciation and amortisation."This acquisition provides the group with exposure to two attractive, fast-growing, regulated markets," Paddy Power said in a statement.
More News
4 May 2016 08:41
Paddy Power Betfair stumbles on first quarter results
(ShareCast News) - First-quarter sales and profits at Paddy Power Betfair got off to a solid gallop as the newly merged bookmaker enjoyed good performances across all divisions, though retail struggled slightly. Revenue of £339m represented a 16% increase on the same period last year, had Betfair an
Read more26 Apr 2016 10:14
Paddy Power Betfair boosted by Morgan Stanley upgrade
(ShareCast News) - Paddy Power Betfair got a boost on Tuesday as Morgan Stanley lifted its stance on the shares to 'overweight' from 'equalweight', saying the stock's drop of over 20% in the last two months made for a compelling entry point. "We are not changing forecasts, but see upside risks given
Read more20 Apr 2016 14:30
Credit Suisse starts Paddy Power Betfair at 'underperform'
(ShareCast News) - Credit Suisse initiated coverage of Paddy Power Betfair at 'underperform' with a 8,650p price target, saying the merger benefits were being overplayed, with the cost synergies and scale failing to justify the share price. "We feel that cost synergies alone are a poor rationale for
Read more8 Apr 2016 14:03
SocGen highlights 11 stocks that could benefit from Euro 2016
(ShareCast News) - Ahead of the UEFA European Football Championship that kicks off in June, Societe Generale highlighted a selection of stocks that could benefit from the tournament. The matches, which will take place in France, are expected to attract more than 2.5m fans - around 1.5m foreign visit
Read more5 Apr 2016 12:27
Paddy Power Betfair to cut 650 back office jobs
(ShareCast News) - Newly merged bookmaker Paddy Power Betfair is planning to axe 650 back office jobs in the UK and Ireland. Having completed the merger in February and been left with a 7,500-strong workforce, the enlarged company is looking to make 350 cuts in England and 300 in Ireland to extract
Read more23 Mar 2016 08:40
23 Mar 2016 07:35