Acquisition

RNS Number : 8887U

Paddy Power plc

01 July 2009

 



PADDY POWER PLC COMPLETES ACQUISITION OF A 51% SHAREHOLDING IN SPORTSBET PTY LTD

Paddy Power plc ('Paddy Power') today announces completion of its acquisition of a 51% shareholding in Sportsbet Pty Ltd ('Sportsbet'), details of which were announced on 14 May 2009. As part of the consideration for the transaction, Paddy Power has today issued 100,000 ordinary shares of €0.10 each to Sportsbet shareholders (the 'Consideration Shares').

Application will be made today for the listing of the Consideration Shares to be admitted to the Official List of the Irish Stock Exchange, the Official List of the UK Listing Authority and to trading on the London Stock Exchange ('Admission'). These shares rank equally with the existing issued ordinary shares of the Company. Admission is expected to become effective on 7 July 2009. 

For further information, please contact:

Patrick Kennedy                                                                                         Jack Massey

Chief Executive                                                                                         Finance Director

Paddy Power plc                                                             

Tel: + 353 1 404 5912              

 

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