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Target
Sportsbet Pty Limited
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Our Role
Advisor to buyer
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Seller and Location
Private shareholders of Sportsbet Pty Limited, Australia
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Activity
Licensed sports bookmaker
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Acquiror / Investors and Location
Paddy Power PLC, Ireland
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Activity
Online betting and gaming services in Ireland and the UK
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Description of Transaction
Retained by Paddy Power PLC to assist in implementing its market entry strategy into Australia following the change in legislation to allow internet advertising in the betting and gaming sector. Discussions were initiated with the shareholders of one of Australia´s leading corporate bookmakers, Sportsbet Pty Limited. After lengthy negotiations, the parties agreed on an up front payment for 51% of Sportsbet and an earnout payment over three-four years based on future profitability. The total transaction value was US$42 million.
