Paddy Power to acquire a 51% stake in Adjarabet for $126m.

Paddy Power, an Irish bookmaker, agreed to acquire a 51% stake in Adjarabet, Georgia's biggest bookmaker for online sports betting and gambling, for £101m ($126m). "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 have established it as the clear number 1 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." Peter Jackson, Paddy Power Chief Executive.