Less Ads, More Data, More Tools Register for FREE

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.

Related Shares

More News
13 May 2019 10:32

Paddy Power Betfair Signs Additional GBP250 Million Loan Facility

LONDON (Alliance News) - Bookmaking firm Paddy Power Betfair PLC said Monday it has secured an additional loan facility of GBP250 million, to provide ...

13 May 2019 10:27

Paddy Power Betfair secures ?250m loan facility

(Sharecast News) - Paddy Power Betfair has agreed an additional £250m loan facility, the bookmaker announced on Monday.

8 May 2019 15:59

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 9 MayConvatec GroupReckitt BenckiserClarksonElecosoftJohn

2 May 2019 16:58

LONDON MARKET CLOSE: Shell's Earnings Beat Unable To Stop FTSE Sinking

LONDON (Alliance News) - London stocks slid on Thursday, with Paddy Power Betfair and Lloyds Banking dipping in the FTSE 100 along with a fall in oil ...

2 May 2019 12:14

LONDON MARKET MIDDAY: BOE Expects To Keep UK Interest Rates On Hold

LONDON (Alliance News) - Stock prices in London were flat to lower at midday on Thursday, with the FTSE 100 in the red despite Smith & Nephew, Royal D...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.