The largest bookmaker in Ireland, Paddy Power has announced the completion of its majority purchase of shares in Australian bookmaker Sportsbet Pty. The deal started in May and now results in Paddy Power owning 51 percent of the shares in the online bookmaker.

Part of the agreement included issuing 100,000 new ordinary share to Sportsbet shareholders at a price of €0.10 each. These consideration shares will be subject to approval of application by the Irish Stock Exchange and the London Stock Exchange. The shares will be expected to rank equally amongst existing ordinary shares from July 7th. The news caused Paddy Power’s shares to close at a value of €16.600 at the end of the last financial year.

Paddy Power conducts business through a chain of license betting offices and operate Ireland’s largest telephone betting service. It has extended it’s operations online to offer sports betting, online poker, online bingo and other casino games like roulette, blackjack and baccarat. Paddy Power was founded when three existing Irish bookmakers merged together in 1988

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