Paddy Power Betfair has acquired a 51pc stake in Adjarabet, an online gambling group in Georgia, for £101m (€115.4m).
Paddy Power expects to acquire the remaining 49pc after three years.
Adjarabet is licensed to offer a full suite of online betting and gaming products in Georgia including casino, sports, poker and peer-to-peer games.
It is the market leader in the country, with an estimated 40pc share of total online revenues.
Last year Adjarabet generated revenues of 215m Georgian Lari (€70m) and earnings before interest, taxation, depreciation, and amortisation of GEL68m (€22m).
Peter Jackson, CEO of Paddy Power Betfair, 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. 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”.
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