Sportsbet completes acquisition of IAS

Dublin: Australian online gambling firm Sportsbet, in which Paddy Power holds a 51% share-holding, has completed its acquisition of International All Sports (IAS).

The acquisition valued the entire issued share capital of IAS at €24.1m, requiring further expenditure of €19.3m by Sportsbet in relation to the 80.02% of the shares it did not own at the acquisition date.

Sportsbet has raised €12m of bank debt to part- fund the purchase. The remaining €7.2m has been funded by Sportsbet’s shareholders, with €3.7m coming from Paddy Power.