The Stars Group completes Sky Betting & Gaming acquisition
Canadian operator hails combination of “two iconic brand portfolios”
The Stars Group has completed its multi-billion pound acquisition of Sky Betting & Gaming, hailing a “pivotal moment” in the Toronto-listed firm’s evolution.
CEO Rafi Ashkenazi said the deal united “two iconic brand portfolios with strong technology platforms and teams” to create the world’s largest publicly-listed online gaming company.
“This significant scale also positions The Stars Group to both secure and expand upon its global footprint,” Ashkenazi said.
In a statement released Tuesday, Stars pointed to “multiple expected operational and financial benefits,” including revenue diversity, with the combined firm set to generate an even split across poker, casino and sportsbook.
Around 75% of the group’s combined revenues will also come from locally regulated or taxed markets, while Stars said its own products would be enhanced thanks to the addition of Sky’s technology.
“SBG’s mobile-focused sportsbook pairs well with our industry-leading poker offering to create two premier customer acquisition channels,” Ashkenazi added. “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 acquisition was funded through a combination of cash and approximately 37.9 million newly-issued common shares of The Stars Group.
For more details on the tie-up, read EGR’s recent cover feature on The Stars Group.