Australia's Tabcorp Holdings secures ACTTAB for $92 million

Australia-based Tabcorp Holdings says it has completed the acquisition of ACTTAB for a total purchase price of A$105.5 million ($92.14 million).
Tabcorp entered into the agreement with the Australian Capital Territory (ACT) based government in July 2014.
Under the deal, Tabcorp has been issued a 50-year exclusive totalisator license and a sports bookmaking license for an initial 15 years, with further rollover extensions to a total of 50 years.
There are also ongoing approvals to offer Keno and Trackside products for 50 years.
Tabcorp is expecting the acquisition to generate earnings (EBITA) of about A$14 million a year after completion of the integration of the business and says the purchase will be EPS accretive. Integration is expected to take 12 months.