Paddy Power Betfair buys 51% stake in Georgia’s Adjarabet
Paddy Power Betfair is buying an initial 51% of Georgian online betting and gaming company Adjarabet for 101 million pounds ($132.5 million), with an option to buy the rest after three years.
The betting giant said on Friday that it will take a 51% stake in Adjarabet, which has a 40% share of the Georgian market.
In 2018, Adjarabet booked £64 million in revenue and a profit of £20 million.
Paddy Power Betfair boss Peter Jackson said: “This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets.
“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.”
The group has the option of acquiring the remaining 49% in Adjarabet after three years.
Along with other betting firms, Paddy Power Betfair has been expanding globally amid a tougher regulatory environment in the UK.