Paddy Power Betfair have been reported to be flexing their financial muscle by acquiring a majority stake in Adjarabet, shelling out in excess of £100 million for a 51% stake in the Georgian Bookmaker. Adjarabet was founded in 1998 and currently has in excess of 500 employees.
Offering sportsbetting, casinos games and poker, Adjarabet last year posted a profit of £20 million from revenues of £61 million.
CEO of Paddy Power Betfair, Peter Jackson said of the deal: ”
“This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets,” said Paddy Power Betfair chief executive Peter Jackson. Adjarabet’s leading brand presence and strong management team has established it as the clear number one in the fast-growing, regulated online Georgian market. Together with our group’s technology and sports capabilities, we are confident that Adjarabet will be strongly positioned to continue to build on this success.”
On making the announcement to Euronext Dublin, the company also stated that it expects to acquire the remainder of Adjarabet’s shares within the next three years.
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