The Stars Group Incorporated, a Canadian online casino operator, has revealed that their board of directors has approved a new deal to acquire ownership of their long-time British rival, Sky Betting and gaming.
The Stars Group Incorporated is well known in the industry, and have released famous brands such as PokerStars and FullTilt over the last few years. They have revealed tat the agreement to buy Sky Betting and Gaming is expected to be finalised sometime during the third quarter of this year. This was announced after a cash payment of $3.6 billion, which is alongside the issuance of $1.1 billion of common shares.
Chief Executive Officer for The Stars Group Incorporated, Rafi Ashkenanzi has since stated that the acquisition is a ‘landmark moment’ in the firm’s history, and that it will compliment its own industry-leading poker platform. He has gone on to state the following, “Sky Betting and Gaming operates one of the world’s fastest growing sportsbooks and is one of the United Kingdom’s leading gaming providers. Following the transaction, The Stars Group Incorporated will have significantly enhanced scale and a highly-regarded brand portfolio. As a result, we are well positioned to realize our vision of becoming the world’s favourite iGaming destination.”
In turn, Sky Betting and Gaming CEO Richard Flint has made his own statement, “We are delighted to join forces with The Stars Group Incorporated. This transaction allows us to offer our best-in-class products to a truly global audience. We’re excited about our future together.”
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