Canadian iGaming giant The Stars Group Incorporated has announced that its board of directors has approved the acquisition of Sky Betting & Gaming (SBG) from CVC Partners and Sky, who are the current owners. The deal is has been set at $4.7bn and will comprise of all cash and stock assets. The deal involves $3.6bn to be paid in cash and the remainder to secured by common shares worth around $1.1bn.
Despite all of the excitement surrounding the newly closed deal, which is expected to create the largest listed iGaming and online casinos operator in the world, The Stars Group Incorporated has made it very clear that the success of the deal still depends on obtaining the necessary approvals from Nasdaq and the Toronto Stock Exchange. Various other gaming and regulatory authorities are also required to give the go ahead before the deal can be deemed as being concluded 100% successfully.
No one seems quite as excited about the potential that the deal holds for the group as The Stars Group’s Chief Executive, Rafi Ashkenazi. Ashkenazi has described the deal as being a landmark moment in time for The Stars Group Incorporated. It’s a well-known fact that Sky Betting & Gaming operates one of the world’s fastest growing sportsbooks. Ashkenazi also made it clear that for The Stars Group, it was all about the establishment of brands coupled with the ability to offer variety to players.
Ashkenazi also said that the existing Sky Betting & Gaming portfolio would make for the ideal partner to Stars Group’s existing Poker platform, which is widely regarded as being the leading Poker platform in the gaming industry, and that in fact, the coming together of these two brands would establish the perfect marriage in the global gaming and betting market.
The Stars Group Incorporated is headquartered in Toronto and the group has made no secret of the fact that the main driving force behind the deal is expansion and a bigger presence in regulated markets, including that of the United Kingdom. The deal would also serve to diversify the portfolio of gaming services currently offered by The Stars Group, as the largest portion of its current revenue income currently originates from sports betting.
The deal is all about reaching a global target audience, establishing a notable presence in regulated markets all over the world and expanding an already impressive product portfolio.