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Canada’s Stars Group buys Sky Bet for $4.7 billion

Published

7 years ago

April 23, 2018

Niji Narayan

Photo credits: www.mkdons.com

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Canadian gaming company, The Stars Group Inc. (TSGI.TO), has reached an agreement with CVC Capital Partners and Sky PLC (SKYB.L) for the outright purchase of Sky Betting and Gaming , in a deal worth $4.7 billion.

It had been expected that private equity firm CVC, which was holding 80% equity in the online betting site Sky Bet, would list the company publicly It was even reported in February that CVC had initiated the proceedings for an initial public offering.

However, on Saturday, The Stars Group announced the new development, which the company said would create the world’s largest publicly-listed online gaming firm.

“The acquisition of Sky Betting and Gaming is a landmark moment in The Stars Group’s history,” its chief executive officer Rafi Ashkenazi said.

The deal comprises $3.6 billion in cash and the rest in newly-issued shares.

British media company Sky said it would get around 425 million pounds ($595 million) in cash and shares worth around 145 million pounds, in exchange for its 20% stake in Sky Bet.

Source: reuters.com

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.