Paddy Power Betfair has bought a 51% controlling stake in Adjarabet for £101 million, the company announced earlier this month.

The deal gives Paddy Power the option of acquiring the remaining 49% of Adjarabet after three years. According to the press release outlining the terms of the deal, this will be at a cost equal to seven times Adjarabet’s 2021 EBITDA.

“This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets,” Peter Jackson, Paddy Power Betfair CEO, said in the press release.