Paddy Power has bought Belfast-based McGranaghan Racing for £19m sterling (€23.9m). The deal sees the bookie chain entering the Northern Ireland market for the first time.
The chain of eight betting offices are located in Belfast city centre, West Belfast and the city suburbs of Holywood and Glengormley. McGranaghan Racing was established in 1952 and currently employs 50 staff. All of these will be retained by Paddy Power.
'Acquisition is the necessary route into this interesting market and McGranaghan's is an ideal entry point for Paddy Power,' commented the company's chief executive Patrick Kennedy.
He said the company will invest a 'seven-figure' sum refitting the Belfast shops with all the offices trading under the Paddy Power brand name by July.
Paddy Power shares closed up 11 cent at €22.30 in Dublin.
