Paddy Power To Acquire International All Sports

11 June 2009

Irish online gaming provider Paddy Power has agreed to buy Australia’s International All Sports Limited after acquiring a 51 percent stake in one of the nation’s largest corporate bookmakers, Sportsbet Party Limited, last month.
Paddy Power paid €27.2 million for the controlling stake in Sportsbet, which provides betting on Australian racing and other sports for online and telephone customers, and this latest deal is valued at €22.4 million.
Sportsbet already has a 19.98 percent stake in International All Sports, which also provides betting on racing and sports for Australian customers via telephone and online, and the new combined business will be run by Sportsbet’s Chief Executive Officer, Matt Tripp.
“This acquisition underpins the potential of Sportsbet to build its market position under Matt Tripp's leadership and expands Paddy Power's reach into the Australian market,” said Patrick Kennedy, Chief Executive Officer for Paddy Power.
International All Sports Limited had been at subject of a long-running takeover attempt by rival CentreBet International Limited, which ultimately failed following a ruling from the nation’s Takeovers Review Panel in March.

Irish online gaming provider Paddy Power has agreed to buy Australia’s International All Sports Limited after acquiring a 51 percent stake in one of the nation’s largest corporate bookmakers, Sportsbet Party Limited, last month.
Paddy Power paid €27.2 million for the controlling stake in Sportsbet, which provides betting on Australian racing and other sports for online and telephone customers, and this latest deal is valued at €22.4 million.
Sportsbet already has a 19.98 percent stake in International All Sports, which also provides betting on racing and sports for Australian customers via telephone and online, and the new combined business will be run by Sportsbet’s Chief Executive Officer, Matt Tripp.
“This acquisition underpins the potential of Sportsbet to build its market position under Matt Tripp's leadership and expands Paddy Power's reach into the Australian market,” said Patrick Kennedy, Chief Executive Officer for Paddy Power.
International All Sports Limited had been at subject of a long-running takeover attempt by rival CentreBet International Limited, which ultimately failed following a ruling from the nation’s Takeovers Review Panel in March.