PADDY POWER shareholders have approved the acquisition of the remaining minority stake in Sportsbet, to give the Irish-listed company full control of the Australian bookmaker.

In May 2009 Paddy Power acquired 51 per cent of Sportsbet, and in February last year it increased its stake to 60.8 per cent. In December, Paddy Power announced its intention to buy up the outstanding 39.2 per cent stake for an initial consideration of Aus$132.6 million (€97million). At an extraordinary general meeting in Dublin’s Burlington Hotel yesterday, Paddy Power shareholders voted in favour of the deal. The acquisition is expected to be completed on March 1st.

Chief executive Patrick Kennedy said the rationale for the deal was both strategic and financial. The acquisition will be earnings-enhancing from the start, he told shareholders yesterday. Taking full control of Sportsbet will also increase Paddy Power’s exposure to one of the top-performing developed economies.

Paddy Power can now invest further in Sportsbet and drive its development, he said.