Paddy Power plc and Sportsbet Pty Limited have acquired International All Sports Limited
September 2009 — Paddy Power plc and Sportsbet Pty Limited have acquired International All Sports Limited (IAS) for US$35 million.
Formed in 1988, Paddy Power is the largest provider of online betting and gaming services in Ireland and a leading provider of such services in the UK. Operations are divided between online, retail and telephone services to customers in Ireland and the UK. In 2008, amounts staked exceeded US$2 billion. Online services generate over 70% of operating profit. Paddy Power is publicly quoted and capitalized at US$800 million.
Sportsbet is an Australian licensed sports bookmaker. It accepts wagers on Australian and international horse, harness and greyhound racing as well as all manner of local and international sporting, political and entertainment events. Wagering turnover exceeds US$780 million.
IAS, through its subsidiaries, engages in betting on racing. It also offers bookmaking and information technology services to the wagering industry, primarily in Australia. The company provides wagering investment services, horse racing totalizator services and analysis rating services. It also operates information portals that provide racing and sports news, hot tips, form guides, and racing results and highlights. IAS is a subsidiary of Sportsbet Pty Ltd. The company was incorporated in 1994 and is based in Melbourne, Australia.
Our role in the transaction
Oaklins' teams in Australia and Ireland advised the buyer in this transaction. During the course of negotiations between Paddy Power plc and Sportsbet Pty Limited in which Paddy Power acquired an initial 51% shareholding with the balance to be acquired through an earnout, Sportsbet identified the publicly listed International All Sports Limited (IAS) as a potential target and amassed a 20% shareholding on market. Subsequent to Paddy Power completing its transaction with Sportsbet, Sportsbet agreed to enter into a scheme of arrangement with IAS pursuant to which Sportsbet would acquire IAS for cash (implying an enterprise value of US$35 million) to be funded by Paddy Power and by Sportsbet's minority shareholders.
Talk to the deal team
Related deals
Mattina Holding has sold a 5% stake in Gens Aurea via accelerated bookbuild
Mattina Holding S.A. (DVC Partners) has sold a 5% stake in Italian company Gens Aurea S.p.A. through an accelerated bookbuild, raising approximately US$69.96 million.
Learn moreBIG BIO Herlev and BIG BIO Nordhavn have been acquired by Nordisk Film Biografer
BIG BIO Herlev and BIG BIO Nordhavn, two premium cinemas in the Copenhagen area, have been acquired by Nordisk Film Biografer, part of Nordisk Film, which is owned by Egmont. The acquisition expands Nordisk Film Biografer’s presence in the Danish cinema market and strengthens its premium cinema offering, adding two established venues to its portfolio.
Learn moreFreeway Fleet Systems has been acquired by Movement Software
Freeway Fleet Systems has been acquired by Movement Software, strengthening its position as a leading provider of fleet management and maintenance software while expanding the group’s presence into the UK market. As a strategic consolidator focused on transportation and mobility software, Movement Software will benefit from immediate product and customer synergies, with Freeway providing a strong platform for further geographic expansion across key fleet end markets.
Learn more