U.K.'s Sky Betting and Gaming Now Owned By The Stars Group

Published Wednesday, July 11, 2018 - Online-Casinos.com
U.K.'s Sky Betting and Gaming Now Owned By The Stars Group

The online gambling industry has been expanding for the last decade and some firms have taken the lead when it comes to mergers and takeovers. The most spectacular acquisitions have come from the Canadian online gambling giant The Stars Group formerly known as Amaya. Amaya came into existence when it purchased The Rational Group for an outstanding price of $4.9 billion in June of 2014.

Now the company has completed a deal started in April of 2018 to acquire the assets of the U.K.’s Sky Betting and Gaming for cash and stock worth $4.7 billion. The deal includes Sky Bet and its various brands acquired from CVC Capital Partners and media giant Sky PLC.

The Stars Group is now considered the largest publicly traded online gambling enterprize in the world. Rafi Ashkenazi The Chief Executive officer for The Stars Group called the acquisition of Sky Bet as “a pivotal moment” in the company’s evolution since it will now be able to develop sports betting “as a second customer acquisition channel.”

Ashkenzai said in a statement, “Sky Bet’s mobile-focused sportsbook pairs well with our industry-leading poker offering to create two premier customer acquisition channels. We believe this combination along with our combined online casino offerings positions The Stars Group for continued growth in the evolving online gaming industry,” The Sky Bet purchase is expected to enhance the diversity of the product range with a more balanced content offering including casino games poker and sports betting within a broad geographic and demographic area. Ashkenzai added that acquiring Sky Bet will assuredly increase The Stars Group’s presence and availability in locally regulated markets.The Stars Group spent $3.6 billion in cash while the balance will be in the form of newly-issued shares. The twenty percent stake British media company Sky, has in Sky Bet, was compensated with £425 million  in cash aside from the shares.

 

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