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Poker Stars buys Sky Betting

April 21st, 2018 Leave a comment Go to comments

The Stars Group Inc. agreed to buy Sky Betting & Gaming in a deal valued at $4.7 billion, the biggest acquisition yet by Chief Executive Officer Rafi Ashkenazi as the owner of PokerStars moves to create what will be the biggest publicly listed online gambling company.

 Toronto-based Stars Group will pay cash and stock to owners CVC Capital Partners and Sky Plc, it said Saturday in a statement. The company expects to achieve $70 million in cost synergies.
The deal, the biggest since Stars bought PokerStars for $4.9 billion in 2014, opens new streams of revenue for the company and increases its exposure to sports betting — the fastest-growing online gaming segment. It’s a bold move under Ashkenazi to bolster his firm’s scale after the company previously failed to take control of Sky-rival William Hill Plc in 2016, which would have given Stars access to the core U.K. market.
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  1. April 22nd, 2018 at 14:16 | #1

    Do you think this acquisition will help PS, or are they just playing the game. To spend billions to save $70 million doesn’t make sense to me.

  2. April 22nd, 2018 at 15:44 | #2

    The CEO said they are looking for diversification. The purchase is a book making storefront operation in Australia. He added they’d just got out of the cost of acquiring Full Tilt which makes further acquisitions possibe.

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