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G+T helps Paddy Power come to town

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…

user iconLawyers Weekly 15 March 2011 Big Law
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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.

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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.

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