Irish bookmaker Paddy power has increased its stake in Australian firm Sportsbet Pty Ltd by 9.8 per cent.
The latest buy, which was acquired from minority shareholder Nambawan Capital for AUD$13.0 million (€8.5 million), brings Paddy Power's stake in the business to 60.8 per cent and furthers its footprint in the Australian market.
In May last year, Paddy Power announced it would take a 51 per cent stake in Sportsbet for €32.8 million, with an option to buy out the remaining stake in 2012 or 2013.
In a statement today, Paddy Power said the remaining 39.2 per cent of Sportsbet's shares would remain subject to existing transaction arrangements.
Shares in the bookmaker rose 1.9 per cent just after 10.30am on the Dublin market today, trading at €23.90.
