Gilbert + Tobin has advised Paddy Power plc, the largest bookmaker in Ireland and one of the top five in the United Kingdom, on its $132.6 million cash and scrip acquisition of the remaining 39 per cent minority interests in Sportsbet Pty Limited, advised by Minter Ellison.
This transaction makes Sportsbet a wholly-owned subsidiary of the Irish and London Stock Exchange-listed bookmaker. Sportsbet is a leading Australian licensed online sports and racing bookmaker.
Corporate advisory partner Marko Komadina advised Paddy Power in this transaction and was assisted by senior lawyer Michael Gajic. They also advised Paddy Power on its $48.5 million acquisition of 51 per cent of Sportsbet in July 2009; in relation to Sportsbet's $40 million acquisition of International All Sports Limited by scheme of arrangement in October 2009; and on its $13 million buy-out of a 10 per cent minority interest in Sportsbet in February 2010, which gave Paddy Power a 61 per cent interest in Sportsbet.