Paddy Power buys 51% of Georgia's Adjarabet for £101m

(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.