Sportingbet said that the contractual targets of the Paradise Poker acquisition of generating $150m of operating profit have been met and as a result, and in accordance with the acquisition agreement, the company has today paid $33.3 million in cash to Bonaire Investments, the former owners of Paradise Poker.
In addition, Bonaire will also receive 10 per cent of cumulative operating profits of the Paradise Poker business in excess of $150m for the three year period post completion. This consideration would be payable in cash in late 2007 and represents the final payment due to Bonaire under the acquisition agreement.
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